Congress Wealth Management LLC DE Boosts Stake in Ameris Bancorp (NASDAQ:ABCB)

Congress Wealth Management LLC DE boosted its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 19.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,772 shares of the bank’s stock after buying an additional 17,916 shares during the period. Congress Wealth Management LLC DE’s holdings in Ameris Bancorp were worth $5,311,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ABCB. GAMMA Investing LLC purchased a new stake in Ameris Bancorp during the fourth quarter worth $31,000. Journey Strategic Wealth LLC purchased a new stake in Ameris Bancorp during the fourth quarter worth $203,000. Trexquant Investment LP purchased a new stake in Ameris Bancorp during the fourth quarter worth $205,000. Xponance Inc. purchased a new stake in Ameris Bancorp during the fourth quarter worth $211,000. Finally, Mackenzie Financial Corp purchased a new stake in Ameris Bancorp during the fourth quarter worth $218,000. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB traded down $0.02 during mid-day trading on Monday, hitting $50.33. The stock had a trading volume of 312,393 shares, compared to its average volume of 353,607. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.04. The company has a 50 day moving average of $48.54 and a two-hundred day moving average of $48.58. Ameris Bancorp has a twelve month low of $33.21 and a twelve month high of $53.99. The firm has a market cap of $3.48 billion, a PE ratio of 12.25 and a beta of 1.04.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Friday, April 26th. The bank reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. The firm had revenue of $267.27 million for the quarter, compared to the consensus estimate of $258.05 million. During the same period in the prior year, the firm earned $0.86 EPS. The firm’s revenue was down .2% on a year-over-year basis. Research analysts predict that Ameris Bancorp will post 4.59 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Sunday, June 30th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Friday, June 28th. Ameris Bancorp’s payout ratio is 14.60%.

Analyst Ratings Changes

A number of analysts have weighed in on ABCB shares. StockNews.com upgraded Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Piper Sandler increased their price objective on Ameris Bancorp from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Truist Financial decreased their price objective on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, April 1st. Finally, Stephens reiterated an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a report on Friday, April 26th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $52.00.

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.