Truist Financial Cuts Ameris Bancorp (NASDAQ:ABCB) Price Target to $68.00

Ameris Bancorp (NASDAQ:ABCB) had its price target trimmed by Truist Financial from $73.00 to $68.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other research firms have also recently weighed in on ABCB. Keefe, Bruyette & Woods boosted their price target on Ameris Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Stephens boosted their target price on Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Raymond James upgraded shares of Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 target price on the stock in a research note on Monday. StockNews.com lowered shares of Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson boosted their price objective on shares of Ameris Bancorp from $61.00 to $76.00 and gave the company a “buy” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.67.

Ameris Bancorp Stock Up 1.2 %

NASDAQ:ABCB opened at $63.01 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.03 and a current ratio of 1.05. The firm has a market cap of $4.35 billion, a P/E ratio of 15.33 and a beta of 1.01. Ameris Bancorp has a fifty-two week low of $36.81 and a fifty-two week high of $66.51. The firm has a 50-day simple moving average of $61.82 and a two-hundred day simple moving average of $55.11.

Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.13. The company had revenue of $424.86 million during the quarter, compared to the consensus estimate of $290.60 million. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. During the same quarter last year, the firm earned $1.16 earnings per share. Analysts predict that Ameris Bancorp will post 4.82 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.95%. The ex-dividend date was Monday, September 30th. Ameris Bancorp’s payout ratio is currently 14.60%.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in Ameris Bancorp by 75.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock worth $20,153,000 after acquiring an additional 178,500 shares during the period. Vanguard Group Inc. raised its holdings in Ameris Bancorp by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 7,560,371 shares of the bank’s stock worth $365,771,000 after purchasing an additional 92,491 shares during the period. Jupiter Asset Management Ltd. bought a new position in Ameris Bancorp in the 1st quarter worth $3,869,000. Edgestream Partners L.P. lifted its position in Ameris Bancorp by 164.8% during the first quarter. Edgestream Partners L.P. now owns 119,164 shares of the bank’s stock valued at $5,765,000 after purchasing an additional 74,165 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Ameris Bancorp during the second quarter valued at about $2,462,000. Hedge funds and other institutional investors 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.