Monashee Investment Management LLC Takes Position in Ameris Bancorp (ABCB)
Monashee Investment Management LLC acquired a new stake in Ameris Bancorp (NASDAQ:ABCB) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 20,100 shares of the bank’s stock, valued at approximately $927,000.
Other hedge funds also recently modified their holdings of the company. 1832 Asset Management L.P. acquired a new stake in shares of Ameris Bancorp during the third quarter worth approximately $982,000. Comerica Bank increased its stake in shares of Ameris Bancorp by 12.1% in the fourth quarter. Comerica Bank now owns 71,998 shares of the bank’s stock worth $3,114,000 after buying an additional 7,751 shares during the last quarter. State Street Corp increased its stake in shares of Ameris Bancorp by 14.9% in the fourth quarter. State Street Corp now owns 977,570 shares of the bank’s stock worth $42,621,000 after buying an additional 126,537 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ameris Bancorp by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,478,681 shares of the bank’s stock worth $64,472,000 after buying an additional 72,117 shares during the last quarter. Finally, Royce & Associates LP acquired a new stake in shares of Ameris Bancorp during the fourth quarter worth approximately $1,221,000. 82.37% of the stock is owned by hedge funds and other institutional investors.
Shares of Ameris Bancorp (ABCB) opened at 43.90 on Wednesday. The stock has a market capitalization of $1.57 billion, a P/E ratio of 19.16 and a beta of 1.39. Ameris Bancorp has a 12 month low of $27.92 and a 12 month high of $49.50. The company’s 50 day moving average price is $45.61 and its 200-day moving average price is $45.41.
Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings data on Friday, April 21st. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Ameris Bancorp had a net margin of 24.51% and a return on equity of 12.08%. The company had revenue of $86.30 million during the quarter, compared to analyst estimates of $86.84 million. Equities analysts predict that Ameris Bancorp will post $2.60 earnings per share for the current year.
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A number of analysts recently commented on the company. Stephens reaffirmed a “buy” rating and set a $52.00 price target on shares of Ameris Bancorp in a research report on Friday, April 21st. ValuEngine raised Ameris Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $51.00 price target on shares of Ameris Bancorp in a research report on Wednesday, May 24th. Zacks Investment Research downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, April 3rd. Finally, SunTrust Banks, Inc. raised Ameris Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, April 26th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $49.20.
In related news, CEO Edwin W. Hortman, Jr. sold 14,578 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $47.37, for a total value of $690,559.86. Following the completion of the transaction, the chief executive officer now directly owns 234,664 shares in the company, valued at approximately $11,116,033.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Lawton E. Bassett III sold 5,204 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $47.23, for a total transaction of $245,784.92. Following the completion of the transaction, the president now owns 32,214 shares of the company’s stock, valued at $1,521,467.22. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 1,860 shares of company stock valued at $84,541 and sold 47,815 shares valued at $2,262,593. 3.88% of the stock is owned by insiders.
About Ameris Bancorp
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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