PNC Financial Services Group Inc. cut its stake in Ameris Bancorp (NASDAQ:ABCB – Free Report) by 8.4% in the third quarter, HoldingsChannel.com reports. The fund owned 10,177 shares of the bank’s stock after selling 934 shares during the period. PNC Financial Services Group Inc.’s holdings in Ameris Bancorp were worth $391,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. First Eagle Investment Management LLC grew its stake in Ameris Bancorp by 81.7% in the third quarter. First Eagle Investment Management LLC now owns 178,961 shares of the bank’s stock valued at $6,870,000 after acquiring an additional 80,466 shares during the period. Comerica Bank acquired a new position in shares of Ameris Bancorp in the 2nd quarter valued at approximately $7,754,000. Charles Schwab Investment Management Inc. increased its stake in Ameris Bancorp by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 687,567 shares of the bank’s stock worth $26,396,000 after purchasing an additional 38,863 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Ameris Bancorp during the 3rd quarter worth approximately $1,466,000. Finally, SG Americas Securities LLC bought a new position in Ameris Bancorp in the third quarter valued at approximately $1,151,000. 90.98% of the stock is currently owned by institutional investors and hedge funds.
Ameris Bancorp Price Performance
Shares of ABCB opened at $45.80 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.19. Ameris Bancorp has a twelve month low of $28.33 and a twelve month high of $53.99. The stock has a market capitalization of $3.16 billion, a P/E ratio of 11.74 and a beta of 1.08. The company has a 50 day moving average of $49.64 and a 200-day moving average of $44.08.
Ameris Bancorp (NASDAQ:ABCB – Get Free Report) last released its earnings results on Thursday, January 25th. The bank reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.05). Ameris Bancorp had a net margin of 17.67% and a return on equity of 8.30%. The business had revenue of $262.35 million during the quarter, compared to the consensus estimate of $267.23 million. As a group, equities research analysts forecast that Ameris Bancorp will post 4.46 EPS for the current fiscal year.
Ameris Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, January 8th. Investors of record on Sunday, December 31st were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Thursday, December 28th. Ameris Bancorp’s dividend payout ratio is currently 15.38%.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the stock. Stephens reissued an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a research report on Tuesday, January 30th. DA Davidson reiterated a “buy” rating on shares of Ameris Bancorp in a report on Monday, January 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.00.
Check Out Our Latest Stock Analysis on ABCB
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 primarily in Georgia, Alabama, Florida, North Carolina, and South Carolina. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division.
See Also
Want to see what other hedge funds are holding ABCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameris Bancorp (NASDAQ:ABCB – Free Report).
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Source: americanbankingnews.com
