Congress Asset Management Co. MA Buys 22,514 Shares of Ameris Bancorp (NASDAQ:ABCB)

Congress Asset Management Co. MA increased its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 3.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 726,833 shares of the bank’s stock after acquiring an additional 22,514 shares during the period. Congress Asset Management Co. MA owned about 1.05% of Ameris Bancorp worth $38,558,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of ABCB. GAMMA Investing LLC acquired a new position in Ameris Bancorp during the fourth quarter worth approximately $31,000. Journey Strategic Wealth LLC acquired a new position in Ameris Bancorp during the fourth quarter worth approximately $203,000. Trexquant Investment LP acquired a new position in Ameris Bancorp during the fourth quarter worth approximately $205,000. Xponance Inc. acquired a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $211,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $218,000. Institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Price Performance

NASDAQ:ABCB traded down $0.88 during trading hours on Friday, reaching $46.79. 240,602 shares of the company were exchanged, compared to its average volume of 231,939. The company has a market capitalization of $3.23 billion, a P/E ratio of 11.38 and a beta of 1.06. Ameris Bancorp has a 1-year low of $32.74 and a 1-year high of $53.99. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.02. The business has a 50 day moving average of $47.91 and a 200 day moving average of $48.41.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The business had revenue of $267.27 million for the quarter, compared to the consensus estimate of $258.05 million. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 earnings per share. Research analysts forecast that Ameris Bancorp will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ABCB shares. Piper Sandler upped their target price on Ameris Bancorp from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Stephens reaffirmed an “equal weight” rating and issued a $53.00 target price on shares of Ameris Bancorp in a research report on Friday, April 26th. StockNews.com raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Finally, Truist Financial decreased their target price on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

About Ameris Bancorp

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.