Synovus Financial Corp Has $877,000 Position in Ameris Bancorp (NASDAQ:ABCB)

Synovus Financial Corp lifted its position in Ameris Bancorp (NASDAQ:ABCB) by 1.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,020 shares of the bank’s stock after acquiring an additional 235 shares during the period. Synovus Financial Corp’s holdings in Ameris Bancorp were worth $877,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. raised its stake in Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock worth $78,829,000 after buying an additional 55,473 shares during the period. JPMorgan Chase & Co. raised its position in shares of Ameris Bancorp by 30.7% during the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock worth $59,570,000 after purchasing an additional 223,805 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ameris Bancorp by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 917,396 shares of the bank’s stock valued at $57,401,000 after purchasing an additional 10,256 shares in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Ameris Bancorp by 1.5% during 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 in the last quarter. Finally, William Blair Investment Management LLC grew its position in shares of Ameris Bancorp by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 789,271 shares of the bank’s stock valued at $49,385,000 after purchasing an additional 19,150 shares during the period. 91.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ABCB shares. Raymond James reaffirmed an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Piper Sandler Companies upped their target price on shares of Ameris Bancorp to $74.00 and gave the stock a “buy” rating in a research note on Monday, April 7th. Piper Sandler initiated coverage on Ameris Bancorp in a research note on Friday, April 4th. They issued an “overweight” rating and a $74.00 price target on the stock. Finally, Stephens reaffirmed an “equal weight” rating and set a $71.00 price objective on shares of Ameris Bancorp in a research report on Friday, January 31st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Ameris Bancorp presently has an average rating of “Moderate Buy” and an average price target of $73.43.

Ameris Bancorp Stock Performance

ABCB opened at $52.87 on Thursday. The business’s 50-day simple moving average is $58.88 and its 200 day simple moving average is $62.96. Ameris Bancorp has a 52-week low of $44.30 and a 52-week high of $74.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The firm has a market capitalization of $3.65 billion, a PE ratio of 10.15 and a beta of 0.87.

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Monday, March 31st. Ameris Bancorp’s dividend payout ratio is currently 15.36%.

Insider Activity

In other news, insider Douglas D. Strange bought 1,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $56.95 per share, with a total value of $56,950.00. Following the acquisition, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. This trade represents a 5.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.50% of the stock is currently owned by insiders.

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.