Ameris Bancorp (NASDAQ:ABCB) PT Raised to $57.00 at Piper Sandler

Ameris Bancorp (NASDAQ:ABCB) had its target price upped by Piper Sandler from $55.00 to $57.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 20.05% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Stephens reaffirmed an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a research note on Friday, April 26th. DA Davidson restated a “buy” rating on shares of Ameris Bancorp in a research report on Monday, January 15th. StockNews.com cut Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Finally, Truist Financial lowered their price objective on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ameris Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

Ameris Bancorp Stock Down 2.1 %

Shares of ABCB opened at $47.48 on Monday. The stock has a 50 day moving average price of $46.61 and a 200 day moving average price of $46.34. Ameris Bancorp has a one year low of $28.33 and a one year high of $53.99. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.04. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 11.55 and a beta of 1.05.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Friday, April 26th. The bank reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The business had revenue of $267.27 million during the quarter, compared to analyst estimates of $258.05 million. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 earnings per share. Equities research analysts forecast that Ameris Bancorp will post 4.47 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jon S. Edwards sold 7,500 shares of Ameris Bancorp stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $47.35, for a total transaction of $355,125.00. Following the sale, the insider now owns 59,691 shares of the company’s stock, valued at approximately $2,826,368.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Ameris Bancorp

A number of hedge funds have recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in Ameris Bancorp in the 4th quarter valued at about $31,000. Journey Strategic Wealth LLC purchased a new position in Ameris Bancorp during the fourth quarter worth about $203,000. Trexquant Investment LP acquired a new stake in shares of Ameris Bancorp during the fourth quarter valued at about $205,000. Xponance Inc. purchased a new stake in shares of Ameris Bancorp in the 4th quarter valued at approximately $211,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Ameris Bancorp in the 4th quarter worth approximately $218,000. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

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.