Ameris Bancorp (NYSE:ABCB) Receives Consensus Rating of “Moderate Buy” from Brokerages

Ameris Bancorp (NYSE:ABCB) has been assigned an average rating of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $91.6667.

A number of analysts have issued reports on ABCB shares. Morgan Stanley raised Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Weiss Ratings began coverage on shares of Ameris Bancorp in a research note on Wednesday, September 2nd. They issued a “buy (b)” rating for the company. DA Davidson lifted their target price on Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Raymond James Financial lowered Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Finally, Piper Sandler lowered their price objective on shares of Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, July 27th.

Ameris Bancorp Trading Up 0.0%

Shares of ABCB stock opened at $84.62 on Friday. The stock has a fifty day simple moving average of $87.81 and a two-hundred day simple moving average of $84.60. The firm has a market capitalization of $5.68 billion, a PE ratio of 15.30 and a beta of 0.91. Ameris Bancorp has a 52-week low of $68.80 and a 52-week high of $93.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.02 and a current ratio of 1.04.

Ameris Bancorp (NYSE:ABCB) last issued its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). The company had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%.During the same quarter in the prior year, the company posted $1.59 EPS. On average, analysts predict that Ameris Bancorp will post 6.58 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 14.47%.

Hedge Funds Weigh In On Ameris Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commerce Bank bought a new position in shares of Ameris Bancorp during the 2nd quarter worth approximately $607,000. BIP Wealth LLC purchased a new stake in Ameris Bancorp during the second quarter valued at approximately $1,025,000. Renaissance Technologies LLC boosted its stake in Ameris Bancorp by 129.9% in the first quarter. Renaissance Technologies LLC now owns 44,069 shares of the bank’s stock valued at $3,437,000 after acquiring an additional 24,900 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Ameris Bancorp in the second quarter valued at approximately $22,909,000. Finally, Sei Investments Co. grew its holdings in Ameris Bancorp by 22.9% in the first quarter. Sei Investments Co. now owns 133,444 shares of the bank’s stock worth $10,407,000 after purchasing an additional 24,884 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

About Ameris Bancorp

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.