Pinnacle Associates Ltd. Takes $505,000 Position in Ameris Bancorp (ABCB)

Pinnacle Associates Ltd. purchased a new position in shares of Ameris Bancorp (NASDAQ:ABCB) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,050 shares of the bank’s stock, valued at approximately $505,000.

Other hedge funds have also modified their holdings of the company. Angelo Gordon & CO. L.P. acquired a new position in shares of Ameris Bancorp during the second quarter valued at approximately $78,187,000. BlackRock Inc. raised its holdings in shares of Ameris Bancorp by 14.6% during the second quarter. BlackRock Inc. now owns 5,583,722 shares of the bank’s stock valued at $297,890,000 after acquiring an additional 710,335 shares during the last quarter. Strs Ohio acquired a new position in shares of Ameris Bancorp during the second quarter valued at approximately $28,454,000. PL Capital Advisors LLC acquired a new position in shares of Ameris Bancorp during the second quarter valued at approximately $9,203,000. Finally, Monarch Partners Asset Management LLC raised its holdings in shares of Ameris Bancorp by 131.0% during the third quarter. Monarch Partners Asset Management LLC now owns 161,620 shares of the bank’s stock valued at $7,386,000 after acquiring an additional 91,655 shares during the last quarter. Institutional investors own 77.85% of the company’s stock.

Several equities research analysts have issued reports on the company. Stephens reissued a “buy” rating and set a $58.00 target price on shares of Ameris Bancorp in a research note on Monday, October 22nd. Zacks Investment Research cut Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. TheStreet cut Ameris Bancorp from a “b” rating to a “c+” rating in a research note on Friday, August 17th. BidaskClub raised Ameris Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 13th. Finally, ValuEngine cut Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $57.00.

ABCB stock opened at $42.67 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 0.53. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 17.21 and a beta of 1.16. Ameris Bancorp has a 52-week low of $39.34 and a 52-week high of $59.05.

Ameris Bancorp (NASDAQ:ABCB) last posted its earnings results on Friday, October 19th. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.01. The company had revenue of $129.21 million during the quarter, compared to analysts’ expectations of $135.44 million. Ameris Bancorp had a return on equity of 11.14% and a net margin of 17.99%. As a group, equities research analysts anticipate that Ameris Bancorp will post 3.29 earnings per share for the current fiscal year.

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Ameris Bancorp Profile

Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, Small Business Administration Division, and Premium Finance Division.

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Institutional Ownership by Quarter for Ameris Bancorp (NASDAQ:ABCB)

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