KBC Group NV has significantly reduced its investment in Ameris Bancorp (NASDAQ: ABCB) by 61.1% during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), the financial institution sold 1,985 shares, leaving it with 1,266 shares valued at approximately $82,000 at the quarter’s end.
A number of other institutional investors and hedge funds have also adjusted their positions in Ameris Bancorp recently. Notably, Nuveen LLC acquired a new stake in the bank during the first quarter, valued at $56.2 million. FJ Capital Management LLC notably increased its stake by 311.3% in the same period, now holding 785,288 shares worth $45.2 million after purchasing an additional 594,340 shares.
American Century Companies Inc. raised its holdings by 36.2% in the first quarter, now owning 1,875,194 shares valued at $107.96 million. Fort Washington Investment Advisors Inc. also took a new position in Ameris Bancorp during the second quarter, valued at approximately $21.85 million, while Jennison Associates LLC increased its position by 54.6% in the same period, now holding 777,107 shares worth $50.28 million. Collectively, institutional investors own about 91.6% of the company’s stock.
Current Stock Performance and Buyback Announcement
On Monday, October 30, 2023, Ameris Bancorp’s stock opened at $74.27. The company maintains a debt-to-equity ratio of 0.11, with a quick ratio of 1.00 and a current ratio of 1.02. Over the past year, the stock has fluctuated, reaching a 52-week low of $48.27 and a high of $76.58. As of now, the firm has a market capitalization of $5.07 billion and a price-to-earnings (PE) ratio of 14.25 with a beta of 1.04. The 50-day moving average price is $73.35, and the 200-day moving average price stands at $68.86.
In a strategic move, Ameris Bancorp’s Board of Directors has approved a stock repurchase plan on October 20, 2023, allowing the company to buy back up to $200 million in shares. This buyback authorization enables the bank to repurchase up to 4% of its outstanding shares through open market transactions, often seen as a signal that management believes the stock is undervalued.
Analyst Ratings and Market Outlook
Recent analysis from various financial institutions has led to upgrades for Ameris Bancorp shares. Keefe, Bruyette & Woods raised their target price from $78.00 to $82.00, granting the stock an “outperform” rating as of October 31, 2023. Similarly, Piper Sandler set a price objective of $84.00 in a report on October 29, while Raymond James Financial reaffirmed an “outperform” rating and adjusted their target price to $80.00, previously $73.00. Additionally, DA Davidson upgraded Ameris Bancorp to a “strong-buy” rating.
According to data from MarketBeat.com, one equity research analyst has rated the stock as a Strong Buy, four analysts have given it a Buy rating, and one has rated it as a Hold. The consensus rating for Ameris Bancorp currently stands at “Buy,” with an average price target of $77.33.
Ameris Bancorp operates as the bank holding company for Ameris Bank, offering a diverse range of banking services to both retail and commercial customers. The company operates through several segments, including Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. Their offerings encompass commercial and retail checking accounts, interest-bearing savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.
For ongoing updates and insights into Ameris Bancorp, stakeholders can visit financial platforms to track the latest developments and analyst ratings.
