Principal Financial Group Inc. Has $75.72 Million Stock Holdings in Ameris Bancorp (NASDAQ:ABCB)

Principal Financial Group Inc. trimmed its position in Ameris Bancorp (NASDAQ:ABCB) by 4.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,210,170 shares of the bank’s stock after selling 53,317 shares during the period. Principal Financial Group Inc. owned about 1.75% of Ameris Bancorp worth $75,721,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Ameris Bancorp by 9.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 907,140 shares of the bank’s stock valued at $56,596,000 after acquiring an additional 79,060 shares during the last quarter. Victory Capital Management Inc. lifted its position in Ameris Bancorp by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 863,294 shares of the bank’s stock valued at $53,861,000 after purchasing an additional 12,054 shares during the period. Congress Asset Management Co. boosted its stake in shares of Ameris Bancorp by 1.5% in the 4th quarter. Congress Asset Management Co. now owns 821,554 shares of the bank’s stock valued at $51,405,000 after purchasing an additional 12,216 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Ameris Bancorp by 9.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 728,253 shares of the bank’s stock worth $45,436,000 after buying an additional 60,448 shares during the period. Finally, New York State Common Retirement Fund raised its stake in shares of Ameris Bancorp by 9.0% during the third quarter. New York State Common Retirement Fund now owns 254,309 shares of the bank’s stock worth $15,866,000 after buying an additional 21,090 shares during the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Price Performance

ABCB opened at $65.91 on Thursday. The company has a fifty day simple moving average of $64.43 and a 200 day simple moving average of $63.71. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The stock has a market cap of $4.55 billion, a P/E ratio of 12.65 and a beta of 1.06. Ameris Bancorp has a 12 month low of $44.22 and a 12 month high of $74.56.

Ameris Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Tuesday, December 31st. This is a boost from Ameris Bancorp’s previous quarterly dividend of $0.15. Ameris Bancorp’s payout ratio is 15.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABCB. StockNews.com raised shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Raymond James restated an “outperform” rating and issued a $71.00 price target (up from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Truist Financial decreased their price objective on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods increased their target price on Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Stephens restated an “equal weight” rating and set a $71.00 target price on shares of Ameris Bancorp in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.50.

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.