Penn Capital Management Company LLC Has $20.17 Million Holdings in Ameris Bancorp $ABCB

Penn Capital Management Company LLC lowered its stake in Ameris Bancorp (NASDAQ:ABCB) by 7.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 270,921 shares of the bank’s stock after selling 22,642 shares during the period. Ameris Bancorp makes up 1.6% of Penn Capital Management Company LLC’s investment portfolio, making the stock its 8th biggest position. Penn Capital Management Company LLC’s holdings in Ameris Bancorp were worth $20,171,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC increased its holdings in shares of Ameris Bancorp by 1.6% during the fourth quarter. HighTower Advisors LLC now owns 9,054 shares of the bank’s stock worth $672,000 after buying an additional 143 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Ameris Bancorp by 3.0% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 5,231 shares of the bank’s stock worth $384,000 after acquiring an additional 153 shares during the last quarter. Lido Advisors LLC grew its position in Ameris Bancorp by 2.9% during the 3rd quarter. Lido Advisors LLC now owns 6,294 shares of the bank’s stock worth $463,000 after acquiring an additional 177 shares during the last quarter. Covestor Ltd grew its position in Ameris Bancorp by 51.5% during the 3rd quarter. Covestor Ltd now owns 547 shares of the bank’s stock worth $40,000 after acquiring an additional 186 shares during the last quarter. Finally, EJF Capital LLC grew its position in Ameris Bancorp by 3.5% during the 3rd quarter. EJF Capital LLC now owns 5,754 shares of the bank’s stock worth $422,000 after acquiring an additional 195 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on Ameris Bancorp from $82.00 to $88.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Raymond James Financial reiterated an “outperform” rating and issued a $92.00 price objective on shares of Ameris Bancorp in a report on Monday, April 27th. DA Davidson lifted their target price on shares of Ameris Bancorp from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Truist Financial lifted their target price on shares of Ameris Bancorp from $85.00 to $89.00 and gave the stock a “hold” rating in a research report on Monday, April 27th. Finally, Stephens lifted their target price on shares of Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.17.

Ameris Bancorp Trading Up 1.3%

NASDAQ ABCB opened at $85.81 on Wednesday. The business’s 50-day moving average price is $81.78 and its two-hundred day moving average price is $79.42. Ameris Bancorp has a 12 month low of $59.54 and a 12 month high of $87.99. The firm has a market capitalization of $5.77 billion, a PE ratio of 16.47 and a beta of 0.93. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $314.36 million for the quarter, compared to analyst estimates of $309.58 million. During the same quarter in the previous year, the company posted $1.28 EPS. On average, analysts expect that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 6th. Shareholders of record on Tuesday, March 31st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, March 31st. Ameris Bancorp’s payout ratio is 12.58%.

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.