Gabelli Funds LLC Sells 1,800 Shares of Ameris Bancorp (NASDAQ:ABCB)

Gabelli Funds LLC lessened its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 7.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 22,200 shares of the bank’s stock after selling 1,800 shares during the period. Gabelli Funds LLC’s holdings in Ameris Bancorp were worth $1,389,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its position in Ameris Bancorp by 4.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 3,880 shares of the bank’s stock valued at $243,000 after purchasing an additional 167 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Ameris Bancorp by 17.9% during the fourth quarter. GAMMA Investing LLC now owns 1,332 shares of the bank’s stock valued at $83,000 after buying an additional 202 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of Ameris Bancorp by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,887 shares of the bank’s stock valued at $431,000 after acquiring an additional 218 shares in the last quarter. Synovus Financial Corp lifted its stake in Ameris Bancorp by 1.7% in the fourth quarter. Synovus Financial Corp now owns 14,020 shares of the bank’s stock worth $877,000 after acquiring an additional 235 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Ameris Bancorp by 4.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,174 shares of the bank’s stock worth $324,000 after acquiring an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Price Performance

Shares of ABCB stock opened at $53.10 on Friday. Ameris Bancorp has a fifty-two week low of $44.30 and a fifty-two week high of $74.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 10.19 and a beta of 0.87. The stock’s 50-day simple moving average is $58.29 and its 200-day simple moving average is $62.85.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. Ameris Bancorp’s payout ratio is currently 15.36%.

Insider Activity

In other news, insider Douglas D. Strange bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $56.95 per share, with a total value of $56,950.00. Following the completion of the acquisition, the insider now directly owns 19,403 shares of the company’s stock, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Raymond James restated an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd. Stephens reissued an “equal weight” rating and issued a $71.00 price objective on shares of Ameris Bancorp in a research note on Friday, January 31st. Piper Sandler Companies upped their target price on Ameris Bancorp to $74.00 and gave the stock a “buy” rating in a report on Monday, April 7th. Finally, Piper Sandler began coverage on Ameris Bancorp in a report on Friday, April 4th. They issued an “overweight” rating and a $74.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.43.

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.