Summit Creek Advisors LLC Lowers Holdings in Ameris Bancorp (NASDAQ:ABCB)

Summit Creek Advisors LLC decreased its position in shares of Ameris Bancorp (NASDAQ:ABCB) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 255,107 shares of the bank’s stock after selling 18,251 shares during the quarter. Ameris Bancorp makes up 1.8% of Summit Creek Advisors LLC’s holdings, making the stock its 29th largest holding. Summit Creek Advisors LLC owned about 0.37% of Ameris Bancorp worth $12,845,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its holdings in Ameris Bancorp by 17.3% during the 4th quarter. Russell Investments Group Ltd. now owns 35,992 shares of the bank’s stock worth $1,909,000 after acquiring an additional 5,302 shares in the last quarter. Natixis Advisors L.P. increased its holdings in Ameris Bancorp by 13.4% during the fourth quarter. Natixis Advisors L.P. now owns 20,665 shares of the bank’s stock valued at $1,096,000 after buying an additional 2,443 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Ameris Bancorp by 5.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 723,345 shares of the bank’s stock worth $38,373,000 after buying an additional 35,778 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Ameris Bancorp by 34.1% during the fourth quarter. Teacher Retirement System of Texas now owns 20,179 shares of the bank’s stock worth $1,070,000 after buying an additional 5,133 shares during the period. Finally, QRG Capital Management Inc. bought a new stake in Ameris Bancorp during the 4th quarter valued at $225,000. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Analysts Set New Price Targets

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

Ameris Bancorp Price Performance

Shares of NASDAQ ABCB opened at $60.57 on Friday. Ameris Bancorp has a fifty-two week low of $34.26 and a fifty-two week high of $64.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.03 and a current ratio of 1.05. The company has a market cap of $4.19 billion, a PE ratio of 14.74 and a beta of 1.04. The business has a 50-day simple moving average of $57.22 and a two-hundred day simple moving average of $50.87.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Thursday, July 25th. The bank reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.03. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. The company had revenue of $436.03 million during the quarter, compared to analysts’ expectations of $273.67 million. During the same period last year, the business earned $0.91 EPS. As a group, equities analysts expect that Ameris Bancorp will post 4.82 EPS for the current fiscal year.

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.