Ameris Bancorp (NASDAQ:ABCB) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Ameris Bancorp shares moved above their 200-day moving average, trading as high as $90.23 and last changing hands near $89.79. The move comes with the stock now well above its 200-day average of $82.19.
• Analyst sentiment remains generally positive, with a consensus rating of Moderate Buy and an average price target of $92.17. Recent updates included higher targets from DA Davidson, Stephens, and Truist, though Raymond James downgraded the stock to market perform.
• The bank posted solid quarterly results, beating earnings and revenue estimates with $1.63 EPS on $314.36 million in revenue. It also pays a $0.20 quarterly dividend, which works out to a 0.9% annual yield.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $82.19 and traded as high as $90.23. Ameris Bancorp shares last traded at $89.7870, with a volume of 348,156 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ABCB shares. DA Davidson boosted their price target on Ameris Bancorp from $94.00 to $98.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Stephens increased their price objective 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. Truist Financial lifted their price objective on Ameris Bancorp from $85.00 to $89.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Raymond James Financial downgraded shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Finally, Morgan Stanley upgraded shares of Ameris Bancorp to an "overweight" rating in a report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $92.17.

Ameris Bancorp Stock Performance

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 firm has a market cap of $6.04 billion, a PE ratio of 17.23 and a beta of 0.91. The stock has a 50-day moving average price of $86.58 and a 200 day moving average price of $82.19.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. The business had revenue of $314.36 million for the quarter, compared to analyst estimates of $309.58 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same period in the prior year, the firm posted $1.28 EPS. Research analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

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

Hedge Funds Weigh In On Ameris Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in ABCB. Royal Bank of Canada raised its holdings in shares of Ameris Bancorp by 9.5% during the 1st quarter. Royal Bank of Canada now owns 29,288 shares of the bank's stock valued at $1,687,000 after buying an additional 2,546 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ameris Bancorp by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank's stock valued at $2,256,000 after purchasing an additional 1,703 shares during the period. NewEdge Advisors LLC grew its stake in shares of Ameris Bancorp by 36.7% during the first quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank's stock valued at $671,000 after acquiring an additional 3,129 shares in the last quarter. United Services Automobile Association acquired a new stake in Ameris Bancorp during the 1st quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Ameris Bancorp by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank's stock worth $10,767,000 after buying an additional 13,633 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

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.

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