Norges Bank Makes New $62.67 Million Investment in Ameris Bancorp $ABCB

Norges Bank bought a new position in Ameris Bancorp (NASDAQ:ABCB) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 843,858 shares of the bank’s stock, valued at approximately $62,673,000. Norges Bank owned 1.24% of Ameris Bancorp at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ABCB. Sound Income Strategies LLC purchased a new stake in shares of Ameris Bancorp in the 4th quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp in the 3rd quarter worth $45,000. Danske Bank A S purchased a new stake in shares of Ameris Bancorp during the 3rd quarter worth $51,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Ameris Bancorp by 395.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 748 shares of the bank’s stock worth $55,000 after purchasing an additional 597 shares during the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Ameris Bancorp during the 4th quarter worth $76,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Trading Up 0.4%

Shares of NASDAQ ABCB opened at $85.50 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The stock has a market capitalization of $5.75 billion, a P/E ratio of 16.41 and a beta of 0.91. Ameris Bancorp has a 1-year low of $59.54 and a 1-year high of $87.99. The business has a fifty day moving average price of $83.23 and a 200 day moving average price of $79.99.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The company had revenue of $314.36 million during the quarter, compared to analysts’ expectations of $309.58 million. During the same period last year, the business posted $1.28 earnings per share. Equities research analysts expect that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 6th. Shareholders of record on Tuesday, March 31st were paid a $0.20 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is 12.58%.

Analyst Upgrades and Downgrades

ABCB has been the subject of a number of analyst reports. Stephens upped their price objective on Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 27th. DA Davidson upped their price objective on Ameris Bancorp from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Raymond James Financial restated an “outperform” rating and set a $92.00 price objective on shares of Ameris Bancorp in a research note on Monday, April 27th. Finally, Truist Financial upped their price objective on Ameris Bancorp from $85.00 to $89.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.17.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.