Ameris Bancorp (NASDAQ:ABCB) Posts Earnings Results, Beats Estimates By $0.16 EPS

Ameris Bancorp (NASDAQ:ABCB) posted its quarterly earnings data on Monday. The bank reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16, Briefing.com reports. The firm had revenue of $285.86 million during the quarter, compared to analysts’ expectations of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $1.10 EPS.

Ameris Bancorp Trading Up 3.6 %

NASDAQ:ABCB opened at $59.03 on Wednesday. The stock has a 50-day simple moving average of $56.85 and a 200-day simple moving average of $62.61. The stock has a market cap of $4.07 billion, a P/E ratio of 11.33 and a beta of 0.87. Ameris Bancorp has a 1 year low of $45.89 and a 1 year high of $74.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02.

Ameris Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.36%. Ameris Bancorp’s dividend payout ratio is currently 15.36%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James reaffirmed an “outperform” rating and set a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Piper Sandler Companies increased their target price on shares of Ameris Bancorp to $74.00 and gave the stock a “buy” rating in a report on Monday, April 7th. Piper Sandler started coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They set an “overweight” rating and a $74.00 target price on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $63.00 target price on shares of Ameris Bancorp in a report on Tuesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.29.

Insider Activity at Ameris Bancorp

In other news, insider Douglas D. Strange bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $56.95 per share, with a total value of $56,950.00. Following the transaction, the insider now directly owns 19,403 shares in the company, valued at $1,105,000.85. This trade represents a 5.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.50% of the company’s stock.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.