Summit Creek Advisors LLC Sells 7,037 Shares of Ameris Bancorp $ABCB

Summit Creek Advisors LLC trimmed its stake in shares of Ameris Bancorp (NYSE:ABCB) by 10.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,683 shares of the bank’s stock after selling 7,037 shares during the period. Ameris Bancorp makes up 2.0% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 23rd largest holding. Summit Creek Advisors LLC owned 0.09% of Ameris Bancorp worth $5,064,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Heritage Family Offices LLP bought a new stake in Ameris Bancorp in the 3rd quarter worth approximately $62,000. Moss Adams Wealth Advisors LLC purchased a new stake in Ameris Bancorp during the 3rd quarter valued at $243,000. Cahaba Wealth Management Inc. lifted its holdings in shares of Ameris Bancorp by 5.4% during the 3rd quarter. Cahaba Wealth Management Inc. now owns 17,159 shares of the bank’s stock valued at $1,364,000 after buying an additional 876 shares during the period. Gibbs Wealth Management lifted its holdings in shares of Ameris Bancorp by 6.6% during the 3rd quarter. Gibbs Wealth Management now owns 13,132 shares of the bank’s stock valued at $1,044,000 after buying an additional 810 shares during the period. Finally, Inspire Investing LLC lifted its holdings in shares of Ameris Bancorp by 6.0% during the 3rd quarter. Inspire Investing LLC now owns 7,988 shares of the bank’s stock valued at $635,000 after buying an additional 455 shares during the period. Institutional investors own 91.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ABCB. Truist Financial raised their price target on Ameris Bancorp from $84.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, October 28th. DA Davidson reduced their price objective on Ameris Bancorp from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. Piper Sandler lowered their target price on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Wall Street Zen raised Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Finally, Stephens set a $88.00 target price on Ameris Bancorp in a research report on Monday, July 27th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.50.

Ameris Bancorp Stock Performance

Shares of NYSE ABCB opened at $81.79 on Friday. Ameris Bancorp has a 12-month low of $69.58 and a 12-month high of $93.22. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 14.30 and a beta of 0.99. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $82.20 and a 200 day moving average of $83.76.

Ameris Bancorp (NYSE:ABCB) last released its quarterly earnings results on Thursday, October 22nd. The bank reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.05. The business had revenue of $320.94 million for the quarter, compared to the consensus estimate of $326.72 million. Ameris Bancorp had a net margin of 22.47% and a return on equity of 10.81%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $1.54 earnings per share. On average, research analysts anticipate that Ameris Bancorp will post 6.63 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Wednesday, September 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, September 30th. Ameris Bancorp’s dividend payout ratio is 13.99%.

Ameris Bancorp Profile

Ameris Bancorp (NYSE: ABCB) is a bank holding company and the parent company of Ameris Bank, a full-service financial institution serving individuals, businesses and communities primarily across the southeastern United States.

Ameris Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and industrial lending, commercial real estate financing, treasury management and wealth management services.