Summit Creek Advisors LLC Reduces Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Summit Creek Advisors LLC trimmed its position in Ameris Bancorp (NASDAQ:ABCB) by 6.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 255,107 shares of the bank’s stock after selling 18,251 shares during the quarter. Ameris Bancorp makes up about 1.8% of Summit Creek Advisors LLC’s portfolio, making the stock its 29th largest position. Summit Creek Advisors LLC’s holdings in Ameris Bancorp were worth $12,845,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABCB. 1620 Investment Advisors Inc. purchased a new position in Ameris Bancorp during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC raised its holdings in shares of Ameris Bancorp by 66.1% during the second quarter. GAMMA Investing LLC now owns 819 shares of the bank’s stock worth $41,000 after purchasing an additional 326 shares during the last quarter. CWM LLC lifted its position in Ameris Bancorp by 33.5% during the second quarter. CWM LLC now owns 1,310 shares of the bank’s stock valued at $66,000 after purchasing an additional 329 shares during the period. Innealta Capital LLC purchased a new stake in Ameris Bancorp in the second quarter valued at $143,000. Finally, Journey Strategic Wealth LLC acquired a new stake in Ameris Bancorp during the 4th quarter worth about $203,000. Institutional investors and hedge funds own 91.64% of the company’s stock.

Ameris Bancorp Price Performance

Shares of Ameris Bancorp stock opened at $60.57 on Friday. The firm has a market cap of $4.19 billion, a PE ratio of 14.74 and a beta of 1.04. Ameris Bancorp has a twelve month low of $34.26 and a twelve month high of $64.88. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $57.22 and a 200 day moving average price of $50.87.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.03. Ameris Bancorp had a return on equity of 8.97% and a net margin of 19.28%. The business had revenue of $436.03 million during the quarter, compared to analysts’ expectations of $273.67 million. During the same period in the previous year, the business earned $0.91 earnings per share. Sell-side analysts predict that Ameris Bancorp will post 4.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ABCB shares. Stephens boosted their price objective on Ameris Bancorp from $52.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Truist Financial boosted their price target on Ameris Bancorp from $54.00 to $69.00 and gave the company a “buy” rating in a report on Monday, July 29th. DA Davidson upped their price objective on Ameris Bancorp from $61.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Ameris Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.20.

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.