Ameris Bancorp (NYSE:ABCB) Stock Price Target Raised at Truist Financial

Ameris Bancorp (NYSE:ABCB) had its price target hoisted by investment analysts at Truist Financial from $84.00 to $87.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the bank’s stock. Truist Financial‘s price target suggests a potential upside of 5.33% from the company’s current price.

Several other equities analysts also recently commented on ABCB. DA Davidson cut their price target on shares of Ameris Bancorp from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Tuesday. Wall Street Zen raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler reduced their price target on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Weiss Ratings began coverage on Ameris Bancorp in a research note on Wednesday, September 2nd. They set a “buy (b)” rating for the company. Finally, Raymond James Financial cut Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.50.

Ameris Bancorp Stock Performance

Shares of ABCB stock opened at $82.59 on Wednesday. Ameris Bancorp has a 1 year low of $69.58 and a 1 year high of $93.22. The stock’s 50 day simple moving average is $82.77 and its two-hundred day simple moving average is $83.63.

Ameris Bancorp (NYSE:ABCB) last announced its earnings results on Thursday, October 22nd. The bank reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.05. The company had revenue of $320.94 million during the quarter, compared to analysts’ expectations of $326.72 million. Ameris Bancorp’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.54 EPS. As a group, sell-side analysts forecast that Ameris Bancorp will post 6.61 EPS for the current year.

Hedge Funds Weigh In On Ameris Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Ameris Bancorp during the second quarter worth approximately $881,798,000. North Reef Capital Management LP boosted its holdings in shares of Ameris Bancorp by 25.1% in the first quarter. North Reef Capital Management LP now owns 3,423,243 shares of the bank’s stock valued at $266,979,000 after purchasing an additional 686,215 shares during the period. Congress Asset Management Co. boosted its holdings in shares of Ameris Bancorp by 0.9% in the third quarter. Congress Asset Management Co. now owns 1,202,889 shares of the bank’s stock valued at $95,654,000 after purchasing an additional 10,619 shares during the period. Principal Financial Group Inc. increased its holdings in Ameris Bancorp by 9.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,057,347 shares of the bank’s stock worth $82,463,000 after purchasing an additional 90,883 shares during the period. Finally, Davis Asset Management L.P. bought a new stake in Ameris Bancorp during the 2nd quarter valued at $56,124,000. 91.60% of the stock is currently owned by institutional investors.

Ameris Bancorp Company Profile

Ameris Bancorp (NYSE: ABCB) is a bank holding company and the parent company of Ameris Bank, a full-service financial institution serving individuals, businesses and communities primarily across the southeastern United States.

Ameris Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and industrial lending, commercial real estate financing, treasury management and wealth management services.