Analysts Set Ameris Bancorp (NASDAQ:ABCB) PT at $72.29

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the seven brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $71.43.

A number of analysts recently commented on ABCB shares. Raymond James reduced their price objective on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday. Stephens reissued an "equal weight" rating and issued a $63.00 price objective on shares of Ameris Bancorp in a report on Tuesday. Piper Sandler began coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They set an "overweight" rating and a $74.00 target price for the company. Finally, Piper Sandler Companies lifted their price target on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research note on Monday, April 7th.

Insiders Place Their Bets

In other Ameris Bancorp news, insider Douglas D. Strange bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the transaction, the insider now owns 19,403 shares of the company's stock, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ameris Bancorp

Several hedge funds have recently modified their holdings of the stock. Barclays PLC increased its holdings in Ameris Bancorp by 107.7% in the 3rd quarter. Barclays PLC now owns 140,001 shares of the bank's stock valued at $8,735,000 after acquiring an additional 72,599 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Ameris Bancorp by 4.6% in the third quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock worth $78,829,000 after purchasing an additional 55,473 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Ameris Bancorp by 9.1% in the third quarter. JPMorgan Chase & Co. now owns 728,253 shares of the bank's stock worth $45,436,000 after buying an additional 60,448 shares in the last quarter. GAMMA Investing LLC boosted its stake in Ameris Bancorp by 17.9% during the fourth quarter. GAMMA Investing LLC now owns 1,332 shares of the bank's stock valued at $83,000 after buying an additional 202 shares during the last quarter. Finally, Moody National Bank Trust Division grew its holdings in Ameris Bancorp by 9.3% during the 4th quarter. Moody National Bank Trust Division now owns 14,611 shares of the bank's stock valued at $914,000 after buying an additional 1,248 shares in the last quarter. Hedge funds and other institutional investors own 91.64% of the company's stock.

Ameris Bancorp Stock Performance

ABCB traded up $1.52 during midday trading on Wednesday, hitting $60.46. 390,805 shares of the company traded hands, compared to its average volume of 396,908. The company's 50-day moving average is $56.62 and its 200 day moving average is $62.53. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $4.17 billion, a PE ratio of 11.61 and a beta of 0.87. Ameris Bancorp has a 52 week low of $45.89 and a 52 week high of $74.56.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued its earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.16. The company had revenue of $285.86 million for the quarter, compared to analysts' expectations of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $1.10 earnings per share. On average, research analysts expect that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

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

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.