Glenmede Trust Co. NA Sells 4,465 Shares of Ameris Bancorp (NASDAQ:ABCB)

Glenmede Trust Co. NA lowered its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 323,649 shares of the bank’s stock after selling 4,465 shares during the period. Glenmede Trust Co. NA owned 0.47% of Ameris Bancorp worth $20,192,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. 1620 Investment Advisors Inc. purchased a new position in shares of Ameris Bancorp during the 2nd quarter valued at $33,000. GAMMA Investing LLC boosted its position in Ameris Bancorp by 66.1% during the second quarter. GAMMA Investing LLC now owns 819 shares of the bank’s stock worth $41,000 after purchasing an additional 326 shares during the period. Blue Trust Inc. increased its stake in shares of Ameris Bancorp by 249.5% in the third quarter. Blue Trust Inc. now owns 713 shares of the bank’s stock worth $44,000 after purchasing an additional 509 shares in the last quarter. CWM LLC raised its position in shares of Ameris Bancorp by 33.5% in the second quarter. CWM LLC now owns 1,310 shares of the bank’s stock valued at $66,000 after purchasing an additional 329 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Ameris Bancorp by 3,396.4% during the 3rd quarter. US Bancorp DE now owns 1,923 shares of the bank’s stock valued at $120,000 after buying an additional 1,868 shares in the last quarter. Institutional investors own 91.64% of the company’s stock.

Analyst Ratings Changes

ABCB has been the topic of several recent research reports. Stephens increased their target price on Ameris Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Raymond James raised Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 price objective on the stock in a report on Monday, October 28th. StockNews.com raised shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Truist Financial lowered their target price on shares of Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Ameris Bancorp has an average rating of “Moderate Buy” and an average price target of $66.67.

Ameris Bancorp Trading Down 0.7 %

Shares of ABCB opened at $70.89 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.01. Ameris Bancorp has a 1-year low of $41.86 and a 1-year high of $74.56. The company has a market capitalization of $4.90 billion, a P/E ratio of 14.77 and a beta of 1.01. The firm’s 50 day simple moving average is $64.78 and its 200 day simple moving average is $57.92.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. The company had revenue of $424.86 million during the quarter, compared to the consensus estimate of $290.60 million. Ameris Bancorp had a net margin of 20.08% and a return on equity of 9.18%. During the same period in the previous year, the firm posted $1.16 EPS. Sell-side analysts forecast that Ameris Bancorp will post 4.83 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Monday, September 30th. Ameris Bancorp’s payout ratio is currently 12.50%.

Insider Activity

In other news, Director Robert Dale Ezzell sold 8,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $69.91, for a total value of $559,280.00. Following the completion of the sale, the director now owns 27,444 shares of the company’s stock, valued at approximately $1,918,610.04. This represents a 22.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.50% of the company’s stock.

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.