Ensign Peak Advisors Reduces Stake in Ameris Bancorp by 11.2%

Ensign Peak Advisors Inc has reduced its stake in Ameris Bancorp (NASDAQ: ABCB) by 11.2% during the second quarter of 2023, as reported in its latest filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now holds 24,621 shares of the bank’s stock after divesting 3,100 shares during this period. As of the most recent SEC disclosure, Ensign Peak Advisors’ holdings in Ameris Bancorp were valued at approximately $1,593,000.

Several other institutional investors have also adjusted their positions in Ameris Bancorp. True Wealth Design LLC significantly increased its stake by an impressive 2,311.8%, now owning 410 shares valued at about $27,000 after acquiring an additional 393 shares. Farther Finance Advisors LLC boosted its holdings by 73.2%, bringing its total to 492 shares worth $32,000, following the purchase of 208 shares.

Allworth Financial LP raised its stake dramatically by 1,567.6%, owning 567 shares valued at $37,000 after acquiring an additional 533 shares last quarter. Bayforest Capital Ltd also entered the scene by purchasing a new stake in Ameris Bancorp worth approximately $68,000. Finally, GAMMA Investing LLC expanded its position by 52.5%, now holding 1,777 shares valued at $115,000 following a purchase of 612 shares.

Institutional investors now control 91.60% of Ameris Bancorp’s stock, reflecting strong confidence in the company.

Market Analysis and Analyst Ratings

Ameris Bancorp has been the subject of various analyst reports recently. Keefe, Bruyette & Woods raised their price target for the stock from $78.00 to $82.00, maintaining an “outperform” rating. Truist Financial initiated coverage with a “hold” rating and a target price of $80.00. Additionally, DA Davidson set a “buy” rating with a target price of $87.00.

Raymond James Financial reaffirmed an “outperform” rating, increasing their price objective to $80.00, up from a previous $73.00. Piper Sandler also set a price target of $84.00 for Ameris Bancorp. Currently, five investment analysts have rated the stock as a “buy,” while two have issued a “hold” rating. According to MarketBeat.com, the average rating for Ameris Bancorp stands at “Moderate Buy,” with an average price target of $78.57.

Current Trading Performance and Dividend Announcements

As of Friday, shares of Ameris Bancorp opened at $76.09. The bank has a market capitalization of $5.20 billion, a price-to-earnings (P/E) ratio of 14.60, and a beta of 1.04. The stock has experienced a twelve-month low of $48.27 and a high of $77.15. The company reports a quick ratio of 1.00, a current ratio of 1.02, and a debt-to-equity ratio of 0.11.

In another development, Ameris Bancorp announced a quarterly dividend that was paid on October 6, 2023. Shareholders on record as of September 30, 2023 received a dividend of $0.20, representing an annualized dividend of $0.80 and a dividend yield of 1.1%. The bank’s dividend payout ratio (DPR) currently stands at 13.84%.

Additionally, Ameris Bancorp’s board approved a share repurchase plan on October 20, 2023, allowing the company to buy back up to $200 million in shares, representing approximately 4% of its total shares outstanding. Such buyback plans typically indicate that the board believes the company’s stock is undervalued.

Ameris Bancorp functions as the bank holding company for Ameris Bank, offering a range of banking services to retail and commercial clients. The bank operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. It provides various services, including commercial and retail checking accounts, interest-bearing savings, money market accounts, individual retirement accounts, and certificates of deposit.