Gamco Investors INC. ET AL Grows Stake in Ameris Bancorp (NASDAQ:ABCB)

Gamco Investors INC. ET AL boosted its position in Ameris Bancorp (NASDAQ:ABCB) by 382.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,400 shares of the bank’s stock after purchasing an additional 34,400 shares during the period. Gamco Investors INC. ET AL owned about 0.06% of Ameris Bancorp worth $1,746,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Ameris Bancorp by 23.9% in the 2nd quarter. BlackRock Inc. now owns 7,510,872 shares of the bank’s stock valued at $294,351,000 after purchasing an additional 1,450,551 shares in the last quarter. Jennison Associates LLC increased its position in Ameris Bancorp by 2.1% during the second quarter. Jennison Associates LLC now owns 967,428 shares of the bank’s stock worth $37,914,000 after buying an additional 19,600 shares in the last quarter. Bank of New York Mellon Corp increased its position in Ameris Bancorp by 7.5% during the second quarter. Bank of New York Mellon Corp now owns 877,935 shares of the bank’s stock worth $34,405,000 after buying an additional 61,421 shares in the last quarter. Jacobs Asset Management LLC increased its position in Ameris Bancorp by 1.8% during the second quarter. Jacobs Asset Management LLC now owns 695,286 shares of the bank’s stock worth $27,248,000 after buying an additional 12,500 shares in the last quarter. Finally, Maltese Capital Management LLC increased its position in Ameris Bancorp by 3.2% during the second quarter. Maltese Capital Management LLC now owns 625,091 shares of the bank’s stock worth $24,497,000 after buying an additional 19,284 shares in the last quarter. 63.57% of the stock is owned by hedge funds and other institutional investors.

ABCB has been the subject of several recent research reports. SunTrust Banks dropped their price target on Ameris Bancorp from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Stephens set a $50.00 price target on Ameris Bancorp and gave the stock a “buy” rating in a research report on Friday, October 18th. BidaskClub downgraded Ameris Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Zacks Investment Research raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, ValuEngine raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Friday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Ameris Bancorp currently has an average rating of “Buy” and a consensus target price of $46.60.

Shares of ABCB stock traded up $0.04 during mid-day trading on Friday, hitting $44.44. 239,400 shares of the company’s stock were exchanged, compared to its average volume of 402,537. Ameris Bancorp has a fifty-two week low of $29.97 and a fifty-two week high of $45.25. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 13.15 and a beta of 1.50. The company has a quick ratio of 0.97, a current ratio of 1.06 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $41.31 and a two-hundred day simple moving average of $38.19.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Friday, October 18th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.03. Ameris Bancorp had a return on equity of 11.71% and a net margin of 19.46%. The business had revenue of $225.80 million for the quarter, compared to analyst estimates of $213.84 million. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 74.8% compared to the same quarter last year. As a group, analysts anticipate that Ameris Bancorp will post 3.81 earnings per share for the current fiscal year.

About Ameris Bancorp

Ameris Bancorp operates as the bank 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, SBA Division, and Premium Finance Division.

Further Reading: Gap Down Stocks

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

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