New York State Teachers Retirement System trimmed its holdings in Ameris Bancorp (NASDAQ:ABCB – Free Report) by 18.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,030 shares of the bank’s stock after selling 6,419 shares during the period. New York State Teachers Retirement System’s holdings in Ameris Bancorp were worth $1,878,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in shares of Ameris Bancorp by 73.2% during the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock worth $32,000 after buying an additional 208 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Ameris Bancorp in the second quarter worth approximately $68,000. GAMMA Investing LLC boosted its position in shares of Ameris Bancorp by 52.5% in the second quarter. GAMMA Investing LLC now owns 1,777 shares of the bank’s stock worth $115,000 after acquiring an additional 612 shares during the last quarter. Optimum Investment Advisors acquired a new stake in shares of Ameris Bancorp in the first quarter worth approximately $128,000. Finally, State of Wyoming boosted its position in shares of Ameris Bancorp by 8.3% in the first quarter. State of Wyoming now owns 2,346 shares of the bank’s stock worth $135,000 after acquiring an additional 179 shares during the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.
Ameris Bancorp Trading Up 1.0%
ABCB opened at $73.29 on Wednesday. The firm has a market capitalization of $5.03 billion, a P/E ratio of 14.07 and a beta of 0.94. The firm’s 50 day moving average is $73.18 and its 200-day moving average is $65.82. Ameris Bancorp has a 52-week low of $48.27 and a 52-week high of $76.58. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.
Ameris Bancorp Announces Dividend
Ameris Bancorp announced that its Board of Directors has initiated a share repurchase program on Monday, October 20th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
Separately, DA Davidson raised shares of Ameris Bancorp to a “strong-buy” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ameris Bancorp presently has an average rating of “Buy” and a consensus target price of $72.14.
Read Our Latest Stock Analysis on ABCB
About Ameris Bancorp
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.
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