Ameris Bancorp (NYSE:ABCB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ameris Bancorp (NYSE:ABCB) from a sell rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other equities analysts have also recently commented on the company. Truist Financial decreased their price target on Ameris Bancorp from $90.00 to $84.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. Piper Sandler dropped their price objective on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. DA Davidson increased their price objective on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Stephens set a $88.00 target price on shares of Ameris Bancorp in a report on Monday, July 27th. Finally, Weiss Ratings assumed coverage on shares of Ameris Bancorp in a research note on Wednesday, September 2nd. They issued a “buy (b)” rating on the stock. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.67.

Ameris Bancorp Stock Performance

Ameris Bancorp stock opened at $82.64 on Friday. The firm has a fifty day simple moving average of $82.90 and a two-hundred day simple moving average of $83.60. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.26. Ameris Bancorp has a twelve month low of $69.58 and a twelve month high of $93.22. The company has a market capitalization of $5.55 billion, a PE ratio of 14.45 and a beta of 0.96.

Ameris Bancorp (NYSE:ABCB) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $1.73 EPS for the quarter, topping the consensus estimate of $1.68 by $0.05. The firm had revenue of $320.94 million for the quarter, compared to the consensus estimate of $326.72 million. Ameris Bancorp had a return on equity of 10.81% and a net margin of 22.47%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.54 earnings per share. Research analysts expect that Ameris Bancorp will post 6.61 EPS for the current year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Wednesday, September 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Wednesday, September 30th. Ameris Bancorp’s payout ratio is currently 13.99%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Ameris Bancorp in the 2nd quarter worth approximately $881,798,000. North Reef Capital Management LP raised its holdings in shares of Ameris Bancorp by 25.1% during 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 acquiring an additional 686,215 shares in the last quarter. Congress Asset Management Co. lifted its stake in Ameris Bancorp by 0.9% in the third quarter. Congress Asset Management Co. now owns 1,202,889 shares of the bank’s stock worth $95,654,000 after acquiring an additional 10,619 shares during the period. Principal Financial Group Inc. lifted its stake in Ameris Bancorp by 9.4% in the first quarter. Principal Financial Group Inc. now owns 1,057,347 shares of the bank’s stock worth $82,463,000 after acquiring an additional 90,883 shares during the period. Finally, Davis Asset Management L.P. bought a new stake in Ameris Bancorp in the second quarter valued at $56,124,000. Institutional investors own 91.60% of the company’s stock.

About Ameris Bancorp

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.