KBC Group NV has significantly reduced its stake in Ameris Bancorp, cutting its holdings by 61.1% during the second quarter of the fiscal year, as revealed in a recent filing with the Securities and Exchange Commission (SEC). The financial institution sold 1,985 shares, leaving it with 1,266 shares of the bank’s stock, valued at approximately $82,000 at the close of the quarter.
This divestment is part of a broader trend, as various institutional investors and hedge funds have also adjusted their positions in Ameris Bancorp (NASDAQ: ABCB) recently. Notably, Nuveen LLC acquired a new stake in the bank during the first quarter, investing $56.2 million. FJ Capital Management LLC increased its stake by an impressive 311.3% in the same period, amassing 785,288 shares worth about $45.2 million after purchasing an additional 594,340 shares.
In another significant move, American Century Companies Inc. boosted its holdings in Ameris Bancorp by 36.2%, now owning 1,875,194 shares valued at roughly $108 million. Additionally, Fort Washington Investment Advisors Inc. established a new position in the second quarter valued at around $21.85 million. Meanwhile, Jennison Associates LLC increased its stake by 54.6% during the same period, now holding 777,107 shares worth about $50.3 million. Collectively, institutional investors control 91.6% of Ameris Bancorp’s stock.
Market Performance and Financials
As of the latest trading session, Ameris Bancorp shares opened at $74.27. The bank maintains a solid financial profile with a debt-to-equity ratio of 0.11, a quick ratio of 1.00, and a current ratio of 1.02. The stock has seen a fifty-two week low of $48.27 and a high of $76.58. Ameris Bancorp currently has 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 moving averages stand at $73.35 over the past 50 days and $68.86 over the last 200 days.
Recent Announcements and Analyst Ratings
On October 20, 2023, Ameris Bancorp’s Board of Directors approved a stock repurchase plan allowing the company to buy back up to $200 million in shares, representing up to 4% of its outstanding stock. Such buyback initiatives often signal management’s confidence in the company’s valuation.
The sentiment among analysts regarding Ameris Bancorp remains positive. On October 31, 2023, Keefe, Bruyette & Woods raised their target price from $78.00 to $82.00, designating the stock with an “outperform” rating. Similarly, Piper Sandler set a price objective of $84.00, while Raymond James Financial reaffirmed an “outperform” rating, increasing their target from $73.00 to $80.00. Meanwhile, DA Davidson upgraded the stock to a “strong-buy” rating.
Overall, one equity research analyst has rated the stock as a Strong Buy, four have issued Buy ratings, and one has given it a Hold rating. According to data from MarketBeat.com, Ameris Bancorp has a consensus rating of “Buy” with an average price target of $77.33.
As Ameris Bancorp continues to navigate the financial landscape, the adjustments made by KBC Group and various institutional investors highlight the dynamic nature of investment strategies within the banking sector.
