StockNews.com Upgrades Ameris Bancorp (NASDAQ:ABCB) to “Hold”

Ameris Bancorp (NASDAQ:ABCB) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

ABCB has been the topic of several other reports. Truist Financial cut their price target on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, April 1st. DA Davidson reaffirmed a “buy” rating on shares of Ameris Bancorp in a research note on Monday, January 15th. Stephens reissued an “equal weight” rating and set a $53.00 price target 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 company an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.00.

Ameris Bancorp Stock Performance

NASDAQ ABCB opened at $47.48 on Monday. The business’s 50 day moving average price is $46.61 and its 200-day moving average price is $46.34. Ameris Bancorp has a fifty-two week low of $28.33 and a fifty-two week high of $53.99. The company has a market cap of $3.28 billion, a P/E ratio of 11.55 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.04.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.06. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The business had revenue of $267.27 million for the quarter, compared to analysts’ expectations of $258.05 million. During the same quarter in the previous year, the business posted $0.86 earnings per share. The business’s revenue was down .2% compared to the same quarter last year. Sell-side analysts predict that Ameris Bancorp will post 4.47 earnings per share for the current year.

Insider Transactions at Ameris Bancorp

In related news, insider Jon S. Edwards sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $47.35, for a total value of $355,125.00. Following the completion of the sale, the insider now owns 59,691 shares in the company, valued at $2,826,368.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Ameris Bancorp

Several institutional investors have recently made changes to their positions in ABCB. GAMMA Investing LLC bought a new position in Ameris Bancorp in the fourth quarter worth approximately $31,000. Journey Strategic Wealth LLC bought a new position in shares of Ameris Bancorp in the 4th quarter worth $203,000. Trexquant Investment LP purchased a new stake in shares of Ameris Bancorp during the 4th quarter worth $205,000. Xponance Inc. bought a new stake in Ameris Bancorp during the fourth quarter valued at about $211,000. Finally, Mackenzie Financial Corp bought a new stake in Ameris Bancorp during the fourth quarter valued at about $218,000. 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.