Ameris Bancorp (NASDAQ:ABCB) Price Target Raised to $100.00

Key Points

• DA Davidson raised Ameris Bancorp’s price target to $100 from $98 and maintained a “buy” rating, implying 15.5% upside from the stock’s $86.58 price.
• Analyst sentiment remains mixed: three analysts rate the stock a buy and four rate it a hold, producing a consensus “hold” rating and an average price target of $92.33.
• Ameris Bancorp’s latest quarterly results fell slightly short of expectations, with EPS of $1.60 versus $1.66 forecast and revenue of $317.78 million versus $323.78 million estimated; institutional investors own 91.6% of the shares.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its target price raised by stock analysts at DA Davidson from $98.00 to $100.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. DA Davidson's target price would indicate a potential upside of 15.50% from the company's current price.

ABCB has been the topic of a number of other reports. Piper Sandler set a $92.00 price target on Ameris Bancorp in a research note on Monday. Morgan Stanley raised Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Raymond James Financial lowered Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Stephens upped their target price on shares of Ameris Bancorp from $87.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, April 27th. Finally, Truist Financial increased their target price on shares of Ameris Bancorp from $89.00 to $92.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.33.

Ameris Bancorp Stock Performance

ABCB stock traded down $1.15 during trading on Monday, hitting $86.58. 73,089 shares of the company traded hands, compared to its average volume of 534,060. The stock's 50-day simple moving average is $87.77 and its 200 day simple moving average is $83.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The company has a market cap of $5.83 billion, a PE ratio of 16.65 and a beta of 0.91. Ameris Bancorp has a 1 year low of $65.43 and a 1 year high of $93.22.

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 for the quarter, missing analysts' consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. During the same quarter last year, the company posted $1.59 EPS. On average, equities analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Institutional Trading of Ameris Bancorp

Large investors have recently made changes to their positions in the company. North Reef Capital Management LP grew its position in shares of Ameris Bancorp by 25.1% during the first quarter. North Reef Capital Management LP now owns 3,423,243 shares of the bank's stock worth $266,979,000 after acquiring an additional 686,215 shares during the last quarter. State Street Corp increased its position in Ameris Bancorp by 0.4% during the fourth quarter. State Street Corp now owns 3,199,365 shares of the bank's stock worth $238,250,000 after buying an additional 12,475 shares in the last quarter. Jennison Associates LLC raised its position in shares of Ameris Bancorp by 31.3% in the fourth quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank's stock valued at $129,320,000 after buying an additional 414,920 shares during the last quarter. Nuveen LLC lifted its position in Ameris Bancorp by 1.4% during the fourth quarter. Nuveen LLC now owns 1,083,272 shares of the bank's stock worth $80,455,000 after buying an additional 14,735 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Ameris Bancorp by 9.4% during the first quarter. Principal Financial Group Inc. now owns 1,057,347 shares of the bank's stock worth $82,463,000 after purchasing an additional 90,883 shares during the period. 91.60% of the stock is currently 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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