Summit Creek Advisors LLC Purchases New Position in Ameris Bancorp $ABCB

Summit Creek Advisors LLC acquired a new position in Ameris Bancorp (NASDAQ:ABCB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 70,720 shares of the bank’s stock, valued at approximately $6,383,000. Ameris Bancorp comprises 2.2% of Summit Creek Advisors LLC’s portfolio, making the stock its 17th largest position. Summit Creek Advisors LLC owned about 0.11% of Ameris Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ameris Bancorp in the second quarter worth $34,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp during the third quarter valued at $45,000. Danske Bank A S purchased a new stake in shares of Ameris Bancorp during the third quarter valued at $51,000. Torren Management LLC bought a new stake in Ameris Bancorp in the 4th quarter worth about $76,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Ameris Bancorp by 316.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock valued at $79,000 after acquiring an additional 805 shares during the period. 91.60% of the stock is owned by institutional investors.

Ameris Bancorp Trading Down 0.9%

Shares of ABCB stock opened at $88.22 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 16.93 and a beta of 0.92. Ameris Bancorp has a 1 year low of $68.80 and a 1 year high of $93.22. The firm has a fifty day moving average price of $89.03 and a 200-day moving average price of $84.36.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). The company had revenue of $317.78 million during the quarter, compared to the consensus estimate of $323.78 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the prior year, the business posted $1.59 earnings per share. As a group, equities analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is currently 14.47%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. DA Davidson boosted their price objective on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a report on Monday, July 27th. Truist Financial decreased their target price on shares of Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Piper Sandler reduced their price objective on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Finally, Stephens set a $88.00 price target on Ameris Bancorp in a research note on Monday, July 27th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $91.67.

Ameris Bancorp Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.