Ameris Bancorp (NASDAQ:ABCB) Given New $90.00 Price Target at Stephens

Key Points

• Stephens raised its price target on Ameris Bancorp from $87 to $90 and maintained an "equal weight" rating, implying about a 5.95% upside from the recent share price.
• Several other brokers also lifted targets (DA Davidson $94, KBW $88 with an "outperform", Truist $89), leaving a MarketBeat consensus of a "Moderate Buy" and a consensus price target of $87.50.
• Ameris beat Q1 expectations with $1.63 EPS vs. $1.54 est. and $314.36M revenue, and analysts expect about 4.99 EPS for the current fiscal year while the stock trades near $84.95 (market cap ~$5.8B, P/E ~16.3).

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its price target upped by investment analysts at Stephens from $87.00 to $90.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Stephens' target price would indicate a potential upside of 5.95% from the company's current price.

Other research analysts also recently issued research reports about the company. DA Davidson set a $94.00 target price on shares of Ameris Bancorp in a report on Monday, February 2nd. Keefe, Bruyette & Woods boosted their target price on Ameris Bancorp from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, February 2nd. Raymond James Financial reiterated an "outperform" rating on shares of Ameris Bancorp in a research note on Monday. Finally, Truist Financial boosted their price target on shares of Ameris Bancorp from $85.00 to $89.00 and gave the stock a "hold" rating in a research note on Monday. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Ameris Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.50.

Ameris Bancorp Trading Up 0.1%

Ameris Bancorp stock traded up $0.06 during trading on Monday, hitting $84.95. The company had a trading volume of 57,207 shares, compared to its average volume of 561,606. Ameris Bancorp has a 1-year low of $55.83 and a 1-year high of $87.98. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company's 50 day simple moving average is $79.68 and its 200-day simple moving average is $77.71. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 16.31 and a beta of 0.93.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.09. The company had revenue of $314.36 million for the quarter, compared to analyst estimates of $309.58 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same quarter last year, the company earned $1.28 EPS. As a group, analysts expect that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Institutional Trading of Ameris Bancorp

A number of hedge funds have recently bought and sold shares of ABCB. Sound Income Strategies LLC acquired a new position in shares of Ameris Bancorp in the 4th quarter valued at $29,000. Salomon & Ludwin LLC purchased a new stake in shares of Ameris Bancorp during the 3rd quarter worth about $33,000. Covestor Ltd lifted its holdings in shares of Ameris Bancorp by 51.5% during the 3rd quarter. Covestor Ltd now owns 547 shares of the bank's stock valued at $40,000 after acquiring an additional 186 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new position in shares of Ameris Bancorp during the 3rd quarter valued at $45,000. Finally, Danske Bank A S acquired a new position in shares of Ameris Bancorp during the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 91.60% of the company's stock.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.

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