Boothbay Fund Management LLC Makes New Investment in Ameris Bancorp $ABCB

Boothbay Fund Management LLC purchased a new stake in Ameris Bancorp (NASDAQ:ABCB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 53,241 shares of the bank’s stock, valued at approximately $3,903,000. Boothbay Fund Management LLC owned 0.08% of Ameris Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ABCB. Envestnet Portfolio Solutions Inc. grew its position in Ameris Bancorp by 3.0% during the third quarter. Envestnet Portfolio Solutions Inc. now owns 5,231 shares of the bank’s stock worth $384,000 after buying an additional 153 shares in the last quarter. Inspire Investing LLC grew its holdings in shares of Ameris Bancorp by 3.0% during the third quarter. Inspire Investing LLC now owns 6,183 shares of the bank’s stock worth $453,000 after purchasing an additional 181 shares in the last quarter. Covestor Ltd increased its position in shares of Ameris Bancorp by 51.5% in the third quarter. Covestor Ltd now owns 547 shares of the bank’s stock worth $40,000 after purchasing an additional 186 shares during the last quarter. Journey Strategic Wealth LLC increased its position in shares of Ameris Bancorp by 5.0% in the second quarter. Journey Strategic Wealth LLC now owns 4,095 shares of the bank’s stock worth $265,000 after purchasing an additional 194 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its stake in Ameris Bancorp by 2.0% in the third quarter. Verdence Capital Advisors LLC now owns 9,730 shares of the bank’s stock valued at $724,000 after purchasing an additional 195 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ABCB. Truist Financial lifted their target price on shares of Ameris Bancorp from $83.00 to $86.00 and gave the company a “hold” rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods increased their price target on shares of Ameris Bancorp from $82.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. DA Davidson set a $94.00 price objective on shares of Ameris Bancorp in a research report on Monday, February 2nd. Finally, Stephens upped their target price on shares of Ameris Bancorp from $79.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Ameris Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $86.50.

Ameris Bancorp Price Performance

Shares of Ameris Bancorp stock opened at $75.22 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a one year low of $48.27 and a one year high of $87.98. The business’s 50 day simple moving average is $80.41 and its two-hundred day simple moving average is $76.53. The stock has a market capitalization of $5.11 billion, a P/E ratio of 14.44 and a beta of 0.97.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, January 29th. The bank reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.03. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $309.92 million during the quarter, compared to analyst estimates of $310.48 million. During the same quarter in the prior year, the firm posted $1.38 earnings per share. Analysts forecast that Ameris Bancorp will post 4.99 EPS for the current year.

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.