Ameris Bancorp (NASDAQ:ABCB) Posts Earnings Results, Misses Estimates By $0.06 EPS

Ameris Bancorp (NASDAQ:ABCB) released its quarterly earnings data on Thursday. The bank reported $1.60 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.06), Briefing.com reports. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same quarter in the previous year, the business earned $1.59 earnings per share.

Ameris Bancorp Stock Down 0.9%

ABCB stock traded down $0.84 during midday trading on Thursday, hitting $89.03. 742,850 shares of the company’s stock were exchanged, compared to its average volume of 533,767. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 17.09 and a beta of 0.91. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average price of $87.56 and a 200-day moving average price of $83.14. Ameris Bancorp has a 12-month low of $64.64 and a 12-month high of $93.22.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were issued a $0.20 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp’s payout ratio is currently 12.58%.

Hedge Funds Weigh In On Ameris Bancorp

Several large investors have recently modified their holdings of ABCB. MML Investors Services LLC boosted its stake in Ameris Bancorp by 15.6% during the 4th quarter. MML Investors Services LLC now owns 4,021 shares of the bank’s stock valued at $299,000 after purchasing an additional 544 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Ameris Bancorp by 185.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,072 shares of the bank’s stock worth $231,000 after purchasing an additional 1,996 shares in the last quarter. Inceptionr LLC acquired a new position in shares of Ameris Bancorp during the fourth quarter valued at $272,000. Coldstream Capital Management Inc. lifted its holdings in Ameris Bancorp by 6.9% in the third quarter. Coldstream Capital Management Inc. now owns 3,595 shares of the bank’s stock worth $264,000 after purchasing an additional 232 shares during the period. Finally, Quantinno Capital Management LP bought a new position in Ameris Bancorp in the 2nd quarter valued at about $294,000. Institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on ABCB. Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a report on Wednesday, June 24th. Piper Sandler cut Ameris Bancorp from an “overweight” rating to a “neutral” rating and set a $96.00 price target for the company. in a report on Sunday, July 12th. Truist Financial raised their target price on shares of Ameris Bancorp from $89.00 to $92.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Finally, Stephens lifted their target price on Ameris Bancorp from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.67.

Ameris Bancorp Company 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.