Corient Private Wealth LLC Cuts Position in Ameris Bancorp (NASDAQ:ABCB)

Corient Private Wealth LLC decreased its position in shares of Ameris Bancorp (NASDAQ:ABCB) by 41.4% during the fourth quarter, HoldingsChannel reports. The firm owned 11,122 shares of the bank’s stock after selling 7,852 shares during the period. Corient Private Wealth LLC’s holdings in Ameris Bancorp were worth $696,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ABCB. Pathstone Holdings LLC raised its stake in shares of Ameris Bancorp by 5.8% during the third quarter. Pathstone Holdings LLC now owns 25,065 shares of the bank’s stock worth $1,564,000 after acquiring an additional 1,364 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ameris Bancorp by 9.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 907,140 shares of the bank’s stock worth $56,596,000 after purchasing an additional 79,060 shares during the period. Citigroup Inc. lifted its stake in Ameris Bancorp by 32.5% in the third quarter. Citigroup Inc. now owns 142,122 shares of the bank’s stock worth $8,867,000 after purchasing an additional 34,881 shares during the last quarter. Cerity Partners LLC boosted its position in Ameris Bancorp by 14.0% during the third quarter. Cerity Partners LLC now owns 20,295 shares of the bank’s stock valued at $1,266,000 after buying an additional 2,486 shares during the period. Finally, Bank of Montreal Can grew its stake in shares of Ameris Bancorp by 51.0% during the third quarter. Bank of Montreal Can now owns 47,152 shares of the bank’s stock valued at $2,891,000 after buying an additional 15,931 shares during the last quarter. Institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Price Performance

Shares of ABCB opened at $57.13 on Friday. Ameris Bancorp has a twelve month low of $44.23 and a twelve month high of $74.56. The company has a market capitalization of $3.95 billion, a P/E ratio of 10.97 and a beta of 1.02. The firm has a 50 day moving average of $62.67 and a 200 day moving average of $63.88. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Monday, March 31st. Ameris Bancorp’s dividend payout ratio is currently 15.36%.

Insider Activity

In related news, insider Douglas D. Strange acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost 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 approximately $1,105,000.85. This trade represents a 5.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ABCB. Keefe, Bruyette & Woods boosted their target price on Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Raymond James reiterated an “outperform” rating and issued a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Finally, Stephens restated an “equal weight” rating and issued a $71.00 target price on shares of Ameris Bancorp in a report on Friday, January 31st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $70.50.

About Ameris Bancorp

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.