Fisher Asset Management LLC Sells 7,282 Shares of Ameris Bancorp (NASDAQ:ABCB)

Fisher Asset Management LLC trimmed its holdings in Ameris Bancorp (NASDAQ:ABCB) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 202,640 shares of the bank’s stock after selling 7,282 shares during the quarter. Fisher Asset Management LLC owned about 0.29% of Ameris Bancorp worth $10,750,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Congress Asset Management Co. MA raised its holdings in shares of Ameris Bancorp by 3.2% in the fourth quarter. Congress Asset Management Co. MA now owns 726,833 shares of the bank’s stock valued at $38,558,000 after buying an additional 22,514 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in Ameris Bancorp by 11.1% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 75,685 shares of the bank’s stock worth $4,015,000 after purchasing an additional 7,562 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in Ameris Bancorp during the 4th quarter worth about $4,774,000. Penn Capital Management Company LLC raised its holdings in Ameris Bancorp by 9.3% during the 4th quarter. Penn Capital Management Company LLC now owns 331,757 shares of the bank’s stock worth $17,624,000 after purchasing an additional 28,191 shares during the last quarter. Finally, Hudson Edge Investment Partners Inc. bought a new stake in Ameris Bancorp during the 4th quarter worth about $310,000. 91.64% of the stock is owned by institutional investors.

Ameris Bancorp Price Performance

Ameris Bancorp stock opened at $48.16 on Thursday. The firm has a market capitalization of $3.33 billion, a P/E ratio of 11.72 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 business has a 50-day moving average of $47.98 and a 200-day moving average of $48.51. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABCB. Piper Sandler boosted their price objective on Ameris Bancorp from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. Stephens reissued an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a report on Friday, April 26th. Truist Financial decreased their target price on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, April 1st. Finally, StockNews.com upgraded Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.00.

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.