Ameris Bancorp (NASDAQ:ABCB) Price Target Raised to $73.00 at Truist Financial

Ameris Bancorp (NASDAQ:ABCB) had its target price increased by investment analysts at Truist Financial from $69.00 to $73.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 12.65% from the stock’s previous close.

ABCB has been the topic of a number of other reports. DA Davidson boosted their price target on shares of Ameris Bancorp from $61.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their target price on Ameris Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Stephens increased their target price on Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Ameris Bancorp Stock Performance

Shares of Ameris Bancorp stock traded down $0.34 on Friday, hitting $64.80. The stock had a trading volume of 165,154 shares, compared to its average volume of 357,355. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 15.77 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30. Ameris Bancorp has a 52-week low of $34.26 and a 52-week high of $65.40. The company’s 50 day moving average price is $59.30 and its 200 day moving average price is $51.91.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.03. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. The company had revenue of $436.03 million for the quarter, compared to the consensus estimate of $273.67 million. During the same period last year, the firm posted $0.91 EPS. On average, research analysts anticipate that Ameris Bancorp will post 4.82 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Ameris Bancorp during the 4th quarter worth approximately $339,000. Norges Bank bought a new position in Ameris Bancorp in the 4th quarter worth about $39,787,000. Corient Private Wealth LLC increased its stake in shares of Ameris Bancorp by 71.5% in the fourth quarter. Corient Private Wealth LLC now owns 11,546 shares of the bank’s stock valued at $613,000 after purchasing an additional 4,813 shares during the period. Trexquant Investment LP bought a new stake in shares of Ameris Bancorp during the fourth quarter valued at approximately $205,000. Finally, Hsbc Holdings PLC raised its holdings in shares of Ameris Bancorp by 4,193.6% during the fourth quarter. Hsbc Holdings PLC now owns 229,408 shares of the bank’s stock valued at $12,163,000 after buying an additional 224,065 shares during the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

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.