Ameris Bancorp (NASDAQ:ABCB) Posts Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Ameris Bancorp reported quarterly EPS of $1.60, which came in $0.06 below Wall Street’s estimate of $1.66. The result was slightly above the $1.59 EPS posted in the same quarter a year earlier.
• The stock traded lower after the release, falling 0.9% to $89.03 on heavier-than-average volume. Ameris Bancorp also had a net margin of 21.46% and return on equity of 9.57% for the quarter.
• The company recently paid a quarterly dividend of $0.20 per share, equal to an annualized yield of 0.9%. Analysts currently have a consensus Hold rating on the stock with an average target price of $92.67.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.06), Briefing.com reports. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter in the previous year, the company posted $1.59 earnings per share.

Ameris Bancorp Trading Down 0.9%

NASDAQ:ABCB traded down $0.84 during trading hours on Thursday, reaching $89.03. 742,850 shares of the company were exchanged, compared to its average volume of 533,767. Ameris Bancorp has a 52-week low of $64.64 and a 52-week high of $93.22. The stock has a 50 day simple moving average of $87.56 and a 200 day simple moving average of $83.14. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 17.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 annualized dividend and a yield of 0.9%. Ameris Bancorp's dividend payout ratio is 12.58%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Stephens upped their target price on Ameris Bancorp from $87.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday, April 27th. Piper Sandler lowered shares of Ameris Bancorp from an "overweight" rating to a "neutral" rating and set a $96.00 target price on the stock. in a report on Sunday, July 12th. DA Davidson boosted their price objective on shares of Ameris Bancorp from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Truist Financial lifted their target price on shares of Ameris Bancorp from $89.00 to $92.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Finally, Raymond James Financial downgraded Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $92.67.

Institutional Investors Weigh In On Ameris Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp during the 3rd quarter worth about $45,000. Danske Bank A S purchased a new stake in Ameris Bancorp during the third quarter worth approximately $51,000. EverSource Wealth Advisors LLC grew its stake in Ameris Bancorp by 432.9% during the second quarter. EverSource Wealth Advisors LLC now owns 1,716 shares of the bank's stock worth $111,000 after buying an additional 1,394 shares during the period. Focus Partners Wealth acquired a new stake in shares of Ameris Bancorp in the third quarter worth $177,000. Finally, Fiduciary Group LLC purchased a new position in shares of Ameris Bancorp in the 4th quarter valued at $201,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.