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

Key Points

• Truist Financial lowered Ameris Bancorp’s price target to $90 from $92 and maintained a “hold” rating, implying roughly 4.4% upside from the prior close.
• Analyst sentiment remains cautious: MarketBeat reports a consensus “Hold” rating and an average price target of $91.67, with three Buy ratings and four Holds.
• Ameris Bancorp’s latest quarter fell short of expectations, reporting $1.60 EPS versus the $1.66 consensus and revenue of $317.78 million versus estimates of $323.78 million.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its target price lowered by research analysts at Truist Financial from $92.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's target price points to a potential upside of 4.40% from the company's previous close.

Several other equities analysts have also commented on ABCB. Piper Sandler decreased their price objective on shares of Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a report on Monday. Raymond James Financial downgraded shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Morgan Stanley raised Ameris Bancorp to an "overweight" rating in a research report on Wednesday, June 24th. DA Davidson upped their price target on Ameris Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Stephens set a $88.00 price target on Ameris Bancorp in a research report on Monday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $91.67.

Ameris Bancorp Price Performance

NASDAQ:ABCB opened at $86.21 on Tuesday. Ameris Bancorp has a 52 week low of $65.43 and a 52 week high of $93.22. The stock's fifty day moving average is $87.82 and its two-hundred day moving average is $83.39. The company has a market capitalization of $5.80 billion, a P/E ratio of 16.55 and a beta of 0.91. 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 data on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.66 by ($0.06). The business had revenue of $317.78 million for the quarter, compared to analyst estimates of $323.78 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the previous year, the business posted $1.59 earnings per share. Equities analysts expect that Ameris Bancorp will post 4.99 EPS for the current year.

Institutional Investors Weigh In On Ameris Bancorp

A number of large investors have recently modified their holdings of the company. North Reef Capital Management LP raised its stake in Ameris Bancorp by 25.1% in the first quarter. North Reef Capital Management LP now owns 3,423,243 shares of the bank's stock valued at $266,979,000 after buying an additional 686,215 shares in the last quarter. State Street Corp increased its holdings in shares of Ameris Bancorp by 0.4% in the 4th quarter. State Street Corp now owns 3,199,365 shares of the bank's stock valued at $238,250,000 after acquiring an additional 12,475 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Ameris Bancorp by 31.3% in the 4th quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank's stock valued at $129,320,000 after acquiring an additional 414,920 shares during the last quarter. Nuveen LLC raised its position in shares of Ameris Bancorp by 1.4% during the 4th quarter. Nuveen LLC now owns 1,083,272 shares of the bank's stock worth $80,455,000 after acquiring an additional 14,735 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Ameris Bancorp by 9.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,057,347 shares of the bank's stock worth $82,463,000 after acquiring an additional 90,883 shares in the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Company Profile

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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