Phocas Financial Corp. Cuts Position in Ameris Bancorp (NASDAQ:ABCB)

Phocas Financial Corp. decreased its position in Ameris Bancorp (NASDAQ:ABCB) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,734 shares of the bank’s stock after selling 1,279 shares during the quarter. Phocas Financial Corp. owned 0.29% of Ameris Bancorp worth $6,833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Ameris Bancorp by 0.9% during the first quarter. BlackRock Inc. now owns 10,256,044 shares of the bank’s stock worth $375,166,000 after acquiring an additional 91,407 shares during the period. Vanguard Group Inc. increased its position in shares of Ameris Bancorp by 2.2% during the third quarter. Vanguard Group Inc. now owns 7,346,699 shares of the bank’s stock worth $328,470,000 after acquiring an additional 158,489 shares during the period. Wellington Management Group LLP increased its position in shares of Ameris Bancorp by 7.4% during the first quarter. Wellington Management Group LLP now owns 5,201,328 shares of the bank’s stock worth $228,235,000 after acquiring an additional 358,777 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Ameris Bancorp by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,932,390 shares of the bank’s stock worth $143,846,000 after acquiring an additional 87,348 shares during the period. Finally, State Street Corp increased its position in shares of Ameris Bancorp by 14.3% during the first quarter. State Street Corp now owns 3,897,720 shares of the bank’s stock worth $171,622,000 after acquiring an additional 488,485 shares during the period. Hedge funds and other institutional investors own 90.98% of the company’s stock.

Ameris Bancorp Stock Down 0.8 %

NASDAQ:ABCB traded down $0.33 during trading hours on Tuesday, hitting $38.51. The company’s stock had a trading volume of 52,461 shares, compared to its average volume of 430,500. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. Ameris Bancorp has a 52-week low of $28.33 and a 52-week high of $54.24. The stock has a market capitalization of $2.66 billion, a P/E ratio of 9.03 and a beta of 1.15. The stock has a fifty day moving average of $40.70 and a 200-day moving average of $36.76.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Friday, July 28th. The bank reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.21). Ameris Bancorp had a net margin of 21.86% and a return on equity of 9.19%. The company had revenue of $276.90 million during the quarter, compared to analyst estimates of $262.45 million. During the same quarter in the prior year, the company earned $1.18 EPS. The business’s revenue was up .6% on a year-over-year basis. On average, equities analysts forecast that Ameris Bancorp will post 4.11 earnings per share for the current year.

Analysts Set New Price Targets

ABCB has been the topic of a number of recent research reports. StockNews.com initiated coverage on Ameris Bancorp in a research report on Thursday, August 17th. They set a “sell” rating on the stock. Piper Sandler increased their target price on Ameris Bancorp from $42.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Finally, Truist Financial increased their target price on Ameris Bancorp from $38.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of “Hold” and an average price target of $48.25.

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 primarily in Georgia, Alabama, Florida, North Carolina, and South Carolina. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division.