Corebridge Financial Inc. Trims Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Corebridge Financial Inc. trimmed its stake in Ameris Bancorp (NASDAQ:ABCB) by 7.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,010 shares of the bank’s stock after selling 2,732 shares during the period. Corebridge Financial Inc. owned approximately 0.05% of Ameris Bancorp worth $2,191,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. increased its position in Ameris Bancorp by 4.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 3,880 shares of the bank’s stock worth $243,000 after buying an additional 167 shares during the period. GAMMA Investing LLC increased its holdings in shares of Ameris Bancorp by 17.9% in the 4th quarter. GAMMA Investing LLC now owns 1,332 shares of the bank’s stock valued at $83,000 after acquiring an additional 202 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Ameris Bancorp by 4.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,174 shares of the bank’s stock valued at $324,000 after purchasing an additional 238 shares during the last quarter. Savant Capital LLC grew its position in Ameris Bancorp by 3.8% during the 4th quarter. Savant Capital LLC now owns 7,371 shares of the bank’s stock worth $461,000 after purchasing an additional 267 shares during the last quarter. Finally, Atria Investments Inc increased its stake in Ameris Bancorp by 3.4% in the fourth quarter. Atria Investments Inc now owns 9,124 shares of the bank’s stock valued at $571,000 after purchasing an additional 298 shares during the period. 91.64% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

ABCB opened at $57.00 on Wednesday. Ameris Bancorp has a 1-year low of $44.23 and a 1-year high of $74.56. The stock has a market cap of $3.94 billion, a P/E ratio of 10.94 and a beta of 1.02. The stock’s 50 day simple moving average is $62.35 and its 200 day simple moving average is $63.90. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00.

Ameris Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Activity at Ameris Bancorp

In related news, insider Douglas D. Strange bought 1,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the acquisition, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. This represents a 5.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.50% of the stock is owned by corporate insiders.

Ameris Bancorp 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.