Ameris Bancorp (NASDAQ:ABCB) Receives Equal Weight Rating from Stephens

Stephens restated their equal weight rating on shares of Ameris Bancorp (NASDAQ:ABCB) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $63.00 target price on the bank’s stock.

Several other equities analysts also recently issued reports on the stock. Raymond James reaffirmed an “outperform” rating and set a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Piper Sandler Companies lifted their target price on Ameris Bancorp to $74.00 and gave the stock a “buy” rating in a report on Monday, April 7th. Finally, Piper Sandler initiated coverage on Ameris Bancorp in a research note on Friday, April 4th. They issued an “overweight” rating and a $74.00 price target for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.29.

Ameris Bancorp Trading Up 3.6 %

Shares of Ameris Bancorp stock opened at $59.03 on Tuesday. The firm’s 50 day moving average is $56.85 and its 200 day moving average is $62.61. The firm has a market capitalization of $4.07 billion, a PE 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 current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16. The business had revenue of $285.86 million during the quarter, compared to analysts’ expectations of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 EPS. Equities research analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

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

Insider Activity

In related news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares of the company’s stock, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in ABCB. Picton Mahoney Asset Management boosted its holdings in Ameris Bancorp by 2,436.8% in the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank’s stock worth $30,000 after acquiring an additional 463 shares in the last quarter. Park Square Financial Group LLC bought a new position in shares of Ameris Bancorp in the 4th quarter worth $37,000. Versant Capital Management Inc lifted its holdings in shares of Ameris Bancorp by 84.1% in the 1st quarter. Versant Capital Management Inc now owns 731 shares of the bank’s stock worth $42,000 after purchasing an additional 334 shares in the last quarter. R Squared Ltd acquired a new stake in Ameris Bancorp in the 4th quarter valued at $51,000. Finally, Blue Trust Inc. increased its stake in Ameris Bancorp by 56.1% during the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Company Profile

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.