Rhumbline Advisers Reduces Position in Ameris Bancorp (NASDAQ:ABCB)

Rhumbline Advisers trimmed its stake in Ameris Bancorp (NASDAQ:ABCB) by 0.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,981 shares of the bank’s stock after selling 1,654 shares during the period. Rhumbline Advisers owned 0.31% of Ameris Bancorp worth $10,875,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Jupiter Asset Management Ltd. purchased a new stake in Ameris Bancorp in the first quarter worth about $3,869,000. Allspring Global Investments Holdings LLC increased its holdings in Ameris Bancorp by 75.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock worth $20,153,000 after acquiring an additional 178,500 shares in the last quarter. Quantbot Technologies LP bought a new stake in Ameris Bancorp during the 1st quarter worth approximately $1,154,000. Congress Asset Management Co. MA lifted its holdings in Ameris Bancorp by 5.5% during the first quarter. Congress Asset Management Co. MA now owns 767,156 shares of the bank’s stock valued at $37,115,000 after purchasing an additional 40,323 shares in the last quarter. Finally, Seven Eight Capital LP boosted its position in shares of Ameris Bancorp by 218.6% in the first quarter. Seven Eight Capital LP now owns 22,363 shares of the bank’s stock worth $1,082,000 after purchasing an additional 15,343 shares during the period. 91.64% of the stock is owned by institutional investors.

Ameris Bancorp Stock Down 1.1 %

Shares of ABCB stock opened at $58.95 on Thursday. The company’s fifty day simple moving average is $57.95 and its two-hundred day simple moving average is $51.26. Ameris Bancorp has a 52 week low of $34.26 and a 52 week high of $64.88. The stock has a market cap of $4.07 billion, a P/E ratio of 14.34 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

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

Analyst Upgrades and Downgrades

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