Coldstream Capital Management Inc. Purchases New Position in Ameris Bancorp (NASDAQ:ABCB)

Coldstream Capital Management Inc. purchased a new position in Ameris Bancorp (NASDAQ:ABCB) in the third quarter, HoldingsChannel reports. The fund purchased 3,390 shares of the bank’s stock, valued at approximately $213,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in shares of Ameris Bancorp by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 851,240 shares of the bank’s stock worth $42,860,000 after acquiring an additional 13,418 shares during the period. Choreo LLC purchased a new stake in Ameris Bancorp in the second quarter worth $1,059,000. Sequoia Financial Advisors LLC bought a new position in Ameris Bancorp in the third quarter worth $233,000. Point72 Asset Management L.P. lifted its position in Ameris Bancorp by 135.5% during the third quarter. Point72 Asset Management L.P. now owns 115,194 shares of the bank’s stock valued at $7,187,000 after buying an additional 66,287 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of Ameris Bancorp by 32.5% during the 3rd quarter. Citigroup Inc. now owns 142,122 shares of the bank’s stock valued at $8,867,000 after buying an additional 34,881 shares in the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABCB. Stephens lifted their price target on shares of Ameris Bancorp from $64.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods lifted their target price on shares of Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial cut their price target on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Raymond James upgraded Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 price objective for the company in a research note on Monday, October 28th. Finally, StockNews.com raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $69.17.

Ameris Bancorp Stock Performance

Shares of ABCB opened at $67.00 on Tuesday. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 13.96 and a beta of 1.03. The business’s fifty day simple moving average is $66.66 and its two-hundred day simple moving average is $59.88. Ameris Bancorp has a 12 month low of $44.00 and a 12 month high of $74.56. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

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

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.90%. Ameris Bancorp’s payout ratio is 12.50%.

Insider Activity at Ameris Bancorp

In related news, Director Robert Dale Ezzell sold 8,000 shares of Ameris Bancorp stock in a transaction on Wednesday, November 6th. The stock was 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 $1,918,610.04. The trade was a 22.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.50% of the stock is owned by 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.