Foundry Partners LLC Takes $4.52 Million Position in Ameris Bancorp (NASDAQ:ABCB)

Foundry Partners LLC purchased a new stake in shares of Ameris Bancorp (NASDAQ:ABCB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 72,261 shares of the bank’s stock, valued at approximately $4,521,000. Foundry Partners LLC owned approximately 0.10% of Ameris Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Ameris Bancorp in the fourth quarter worth about $48,380,000. JPMorgan Chase & Co. boosted its stake in shares of Ameris Bancorp by 30.7% during the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock valued at $59,570,000 after buying an additional 223,805 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Ameris Bancorp in the fourth quarter worth $10,856,000. Barclays PLC raised its holdings in Ameris Bancorp by 107.7% in the third quarter. Barclays PLC now owns 140,001 shares of the bank’s stock valued at $8,735,000 after acquiring an additional 72,599 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Ameris Bancorp by 135.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 115,194 shares of the bank’s stock valued at $7,187,000 after acquiring an additional 66,287 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB opened at $50.64 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average price is $61.70 and its two-hundred day moving average price is $63.70. Ameris Bancorp has a 52-week low of $44.23 and a 52-week high of $74.56. The stock has a market capitalization of $3.50 billion, a P/E ratio of 9.72 and a beta of 1.02.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Monday, March 31st. Ameris Bancorp’s dividend payout ratio (DPR) is 15.36%.

Insider Activity at Ameris Bancorp

In other news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $56.95 per share, with a total value of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. The trade was a 5.43 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ABCB shares. Stephens reissued an “equal weight” rating and issued a $71.00 target price on shares of Ameris Bancorp in a research report on Friday, January 31st. Raymond James restated an “outperform” rating and set a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Finally, Piper Sandler assumed coverage on Ameris Bancorp in a report on Friday. They set an “overweight” rating and a $74.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Ameris Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $73.33.

Ameris Bancorp Company Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.