The Manufacturers Life Insurance Company Has $30.57 Million Stock Position in Ameris Bancorp $ABCB

The Manufacturers Life Insurance Company lowered its stake in Ameris Bancorp (NASDAQ:ABCB) by 2.7% during the first quarter, Holdings Channel reports. The firm owned 391,908 shares of the bank’s stock after selling 11,050 shares during the period. The Manufacturers Life Insurance Company’s holdings in Ameris Bancorp were worth $30,565,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sound Income Strategies LLC bought a new stake in Ameris Bancorp during the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC acquired a new stake in Ameris Bancorp during the third quarter worth about $45,000. Danske Bank A S bought a new position in Ameris Bancorp in the 3rd quarter valued at about $51,000. Torren Management LLC bought a new position in Ameris Bancorp in the 4th quarter valued at about $76,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Ameris Bancorp by 316.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock valued at $79,000 after buying an additional 805 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. DA Davidson upped their price target on shares of Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Piper Sandler decreased their price objective on shares of Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating on the stock in a research note on Monday. Truist Financial decreased their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday. Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Finally, Stephens set a $88.00 target price on Ameris Bancorp in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $91.67.

Ameris Bancorp Stock Performance

Ameris Bancorp stock opened at $87.41 on Friday. Ameris Bancorp has a 12-month low of $65.43 and a 12-month high of $93.22. 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 business’s 50-day moving average price is $88.11 and its two-hundred day moving average price is $83.62. The stock has a market cap of $5.88 billion, a PE ratio of 16.78 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.06). The business had revenue of $317.78 million for the quarter, compared to analyst estimates of $323.78 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the previous year, the firm posted $1.59 EPS. As a group, analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Ameris Bancorp’s payout ratio is 14.47%.

Ameris Bancorp Company Profile

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.