Ameris Bancorp (NASDAQ:ABCB) Given New $65.00 Price Target at Raymond James

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its target price cut by investment analysts at Raymond James from $71.00 to $65.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the bank's stock. Raymond James' price objective would indicate a potential upside of 6.89% from the stock's current price.

Several other research analysts have also weighed in on the company. Piper Sandler assumed coverage on Ameris Bancorp in a research report on Friday, April 4th. They set an "overweight" rating and a $74.00 price target on the stock. Piper Sandler Companies boosted their target price on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Finally, Stephens reaffirmed an "equal weight" rating and set a $63.00 price target on shares of Ameris Bancorp in a research report on Tuesday, April 29th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Ameris Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $71.43.

Ameris Bancorp Stock Up 0.5 %

Shares of ABCB stock traded up $0.33 during trading on Wednesday, reaching $60.81. The company's stock had a trading volume of 68,002 shares, compared to its average volume of 395,926. Ameris Bancorp has a one year low of $45.89 and a one year high of $74.56. The business has a fifty day moving average price of $56.62 and a 200-day moving average price of $62.47. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 11.67 and a beta of 0.87. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The bank reported $1.28 EPS for the quarter, topping the consensus estimate of $1.12 by $0.16. The firm had revenue of $285.86 million for the quarter, compared to analysts' expectations of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The company's revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 EPS. Analysts anticipate that Ameris Bancorp will post 4.99 earnings per share for the current year.

Insider Activity

In related news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors have recently added to or reduced their stakes in ABCB. JPMorgan Chase & Co. increased its holdings in shares of Ameris Bancorp by 30.7% during the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock worth $59,570,000 after buying an additional 223,805 shares in the last quarter. Principal Financial Group Inc. grew its position in Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock worth $78,829,000 after acquiring an additional 55,473 shares during the last quarter. William Blair Investment Management LLC increased its holdings in Ameris Bancorp by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 789,271 shares of the bank's stock worth $49,385,000 after purchasing an additional 19,150 shares in the last quarter. Intech Investment Management LLC raised its position in Ameris Bancorp by 158.2% in the fourth quarter. Intech Investment Management LLC now owns 40,279 shares of the bank's stock valued at $2,520,000 after purchasing an additional 24,680 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new stake in shares of Ameris Bancorp during the fourth quarter valued at about $385,000. 91.64% of the stock is currently owned by institutional investors and hedge funds.

About Ameris Bancorp

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.