Wellington Management Group LLP Reduces Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Wellington Management Group LLP cut its holdings in Ameris Bancorp (NASDAQ:ABCB) by 4.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 3,393,197 shares of the bank’s stock after selling 168,969 shares during the period. Wellington Management Group LLP’s holdings in Ameris Bancorp were worth $212,312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ABCB. Picton Mahoney Asset Management boosted its holdings in shares of Ameris Bancorp by 2,436.8% in the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank’s stock worth $30,000 after acquiring an additional 463 shares during the period. R Squared Ltd purchased a new stake in Ameris Bancorp during the 4th quarter worth about $51,000. Blue Trust Inc. boosted its stake in Ameris Bancorp by 56.1% in the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock worth $69,000 after purchasing an additional 400 shares during the period. GAMMA Investing LLC grew its holdings in Ameris Bancorp by 17.9% during the 4th quarter. GAMMA Investing LLC now owns 1,332 shares of the bank’s stock valued at $83,000 after buying an additional 202 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Ameris Bancorp by 167.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank’s stock valued at $90,000 after buying an additional 896 shares during the period. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James reaffirmed an “outperform” rating and set a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Stephens restated an “equal weight” rating and set a $71.00 price target on shares of Ameris Bancorp in a research report on Friday, January 31st. Finally, Keefe, Bruyette & Woods increased their price objective on Ameris Bancorp from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Insider Transactions at Ameris Bancorp

In other news, insider Douglas D. Strange bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the transaction, the insider now directly owns 19,403 shares of the company’s stock, valued at $1,105,000.85. This represents a 5.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.50% of the company’s stock.

Ameris Bancorp Stock Performance

NASDAQ ABCB opened at $57.89 on Thursday. Ameris Bancorp has a 52-week low of $44.23 and a 52-week high of $74.56. The company has a fifty day moving average of $62.22 and a 200-day moving average of $63.86. The company has a market capitalization of $4.00 billion, a P/E ratio of 11.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02.

Ameris Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.38%. The ex-dividend date is Monday, March 31st. Ameris Bancorp’s dividend payout ratio (DPR) is currently 15.36%.

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.