Ameris Bancorp (NASDAQ:ABCB) Stake Lessened by Penn Capital Management Company LLC

Penn Capital Management Company LLC lowered its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 264,068 shares of the bank's stock after selling 61,262 shares during the quarter. Ameris Bancorp accounts for 1.6% of Penn Capital Management Company LLC's portfolio, making the stock its 6th biggest holding. Penn Capital Management Company LLC owned about 0.38% of Ameris Bancorp worth $16,523,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ABCB. Picton Mahoney Asset Management increased its stake in shares of Ameris Bancorp by 2,436.8% during the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock valued at $30,000 after buying an additional 463 shares during the period. R Squared Ltd purchased a new stake in shares of Ameris Bancorp in the 4th quarter worth approximately $51,000. Blue Trust Inc. boosted its stake in shares of Ameris Bancorp by 56.1% during the fourth quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. GAMMA Investing LLC raised its stake in Ameris Bancorp by 17.9% in the fourth quarter. GAMMA Investing LLC now owns 1,332 shares of the bank's stock worth $83,000 after buying an additional 202 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Ameris Bancorp by 167.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank's stock worth $90,000 after buying an additional 896 shares in the last quarter. Institutional investors own 91.64% of the company's stock.

Ameris Bancorp Stock Performance

ABCB traded up $2.09 on Tuesday, reaching $59.05. 431,424 shares of the stock were exchanged, compared to its average volume of 390,374. The company's 50-day moving average price is $56.97 and its 200 day moving average price is $62.64. 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 firm has a market capitalization of $4.07 billion, a PE ratio of 11.29 and a beta of 0.87. Ameris Bancorp has a fifty-two week low of $45.89 and a fifty-two week high of $74.56.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.16. The company had revenue of $285.86 million during the quarter, compared to analyst estimates of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. Ameris Bancorp's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $1.10 EPS. As a group, sell-side analysts forecast that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.35%. The ex-dividend date was Monday, March 31st. Ameris Bancorp's dividend payout ratio is currently 15.36%.

Insider Buying and Selling at Ameris Bancorp

In related news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the transaction, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. The trade was a 5.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 5.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Stephens reiterated an "equal weight" rating and issued a $63.00 price target on shares of Ameris Bancorp in a report on Tuesday. Piper Sandler began coverage on Ameris Bancorp in a research note on Friday, April 4th. They issued an "overweight" rating and a $74.00 target price on the stock. Raymond James reissued an "outperform" rating and set a $71.00 price target (up from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Finally, Piper Sandler Companies lifted their price objective on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Ameris Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $72.29.

About Ameris Bancorp

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.