Ameris Bancorp (NASDAQ:ABCB) Issues Earnings Results

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) announced its quarterly earnings data on Monday. The bank reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.16, Briefing.com reports. The firm had revenue of $285.86 million during the quarter, compared to the consensus estimate of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The business's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 EPS.

Ameris Bancorp Stock Up 2.6 %

Ameris Bancorp stock traded up $1.52 on Friday, hitting $60.46. 390,805 shares of the stock traded hands, compared to its average volume of 397,229. The business's fifty day simple moving average is $56.62 and its 200 day simple moving average is $62.50. The firm has a market cap of $4.17 billion, a P/E ratio of 11.61 and a beta of 0.87. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 1 year low of $45.89 and a 1 year high of $74.56.

Ameris Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 annualized dividend and a yield of 1.32%. Ameris Bancorp's payout ratio is 14.81%.

Insider Transactions at Ameris Bancorp

In related news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the acquisition, the insider now directly owns 19,403 shares of the company's stock, valued at $1,105,000.85. The trade was a 5.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.50% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Piper Sandler began coverage on shares of Ameris Bancorp in a research report on Friday, April 4th. They set an "overweight" rating and a $74.00 target price for the company. Piper Sandler Companies upped their price target on Ameris Bancorp to $74.00 and gave the company a "buy" rating in a research report on Monday, April 7th. Raymond James dropped their price target on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday. Finally, Stephens reaffirmed an "equal weight" rating and set a $63.00 price target on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $71.43.

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.