DA Davidson Comments on Ameris Bancorp’s Q2 2024 Earnings (NASDAQ:ABCB)

Ameris Bancorp (NASDAQ:ABCB) – DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Ameris Bancorp in a research note issued to investors on Tuesday, April 30th. DA Davidson analyst M. Navas forecasts that the bank will earn $1.22 per share for the quarter. DA Davidson currently has a “Buy” rating on the stock. The consensus estimate for Ameris Bancorp’s current full-year earnings is $4.55 per share. DA Davidson also issued estimates for Ameris Bancorp’s FY2025 earnings at $5.10 EPS.

A number of other research analysts have also recently commented on the company. Truist Financial reduced 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. StockNews.com upgraded Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Stephens restated an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a research note on Friday, April 26th. Finally, Piper Sandler boosted their price objective on Ameris Bancorp from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Ameris Bancorp has an average rating of “Moderate Buy” and an average price target of $52.00.

Ameris Bancorp Price Performance

ABCB stock opened at $48.03 on Wednesday. Ameris Bancorp has a 52-week low of $28.33 and a 52-week high of $53.99. The stock’s fifty day simple moving average is $46.63 and its 200-day simple moving average is $46.41. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.73 and a beta of 1.05.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $267.27 million during the quarter, compared to the consensus estimate of $258.05 million. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. Ameris Bancorp’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS.

Ameris Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Sunday, March 31st were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend was Wednesday, March 27th. Ameris Bancorp’s dividend payout ratio (DPR) is 14.60%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Ameris Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund increased its stake in shares of Ameris Bancorp by 7.0% in the fourth quarter. New York State Common Retirement Fund now owns 276,624 shares of the bank’s stock worth $14,675,000 after acquiring an additional 18,090 shares during the last quarter. First Eagle Investment Management LLC increased its stake in shares of Ameris Bancorp by 81.7% in the third quarter. First Eagle Investment Management LLC now owns 178,961 shares of the bank’s stock worth $6,870,000 after acquiring an additional 80,466 shares during the last quarter. Prospector Partners LLC acquired a new position in shares of Ameris Bancorp in the third quarter worth $5,924,000. Charles Schwab Investment Management Inc. increased its position in Ameris Bancorp by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 687,567 shares of the bank’s stock worth $26,396,000 after buying an additional 38,863 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Ameris Bancorp during the fourth quarter worth $219,000. Institutional investors and hedge funds own 91.64% of the company’s stock.

Ameris Bancorp Company Profile

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.