KBC Group NV has significantly reduced its stake in Ameris Bancorp (NASDAQ: ABCB) by 61.1% during the second quarter of 2023. This decision, detailed in its recent filing with the Securities and Exchange Commission (SEC), saw the firm selling 1,985 shares, leaving it with 1,266 shares valued at approximately $82,000 at the end of the quarter.
This reduction in holdings comes as several other institutional investors have also adjusted their positions in Ameris Bancorp. For instance, Nuveen LLC acquired a new position in the bank during the first quarter, investing $56,202,000. Meanwhile, FJ Capital Management LLC increased its stake by an impressive 311.3%, acquiring an additional 594,340 shares to bring its total to 785,288 shares, valued at $45,209,000.
Another notable investor, American Century Companies Inc., boosted its holdings by 36.2% in the same period, now owning 1,875,194 shares valued at $107,955,000. Additionally, Fort Washington Investment Advisors Inc. OH entered a new position valued at approximately $21,850,000 during the second quarter, while Jennison Associates LLC increased its position by 54.6%, now holding 777,107 shares valued at $50,279,000. Collectively, institutional investors and hedge funds control approximately 91.60% of Ameris Bancorp’s stock.
Stock Performance and Financial Metrics
As of the latest trading session, 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 experienced a low of $48.27 and a high of $76.58. Ameris Bancorp currently holds a market capitalization of $5.07 billion, a price-to-earnings (P/E) ratio of 14.25, and a beta of 1.04. The company’s 50-day moving average stands at $73.35, while the 200-day moving average is $68.86.
Share Buyback Initiative and Analyst Ratings
In a strategic move, Ameris Bancorp’s Board of Directors approved a stock repurchase plan on October 20, 2023, allowing the company to buy back up to $200 million in shares, which equates to approximately 4% of its total shares. Such buyback initiatives often signal management’s belief that the company’s stock is undervalued.
Several analysts have recently commented on Ameris Bancorp’s stock. Notably, Keefe, Bruyette & Woods raised their target price from $78.00 to $82.00, rating the stock as “outperform.” Similarly, Piper Sandler set a price objective of $84.00, while Raymond James Financial reaffirmed their “outperform” rating with an updated target price of $80.00, up from $73.00. DA Davidson has also upgraded the stock to a “strong-buy” rating. According to data from MarketBeat.com, Ameris Bancorp currently enjoys a consensus rating of “Buy” with an average price target of $77.33.
Ameris Bancorp operates as the bank holding company for Ameris Bank, providing a wide range of banking services to both retail and commercial customers. The company functions through several divisions, including Banking, Retail Mortgage, Warehouse Lending, SBA, and Premium Finance, offering various financial products such as commercial and retail checking, savings accounts, and certificates of deposit.
For further details on Ameris Bancorp, including institutional holdings and recent trades, resources such as HoldingsChannel.com offer comprehensive insights into the company’s financial activities and stock performance.
