DA Davidson Issues Positive Forecast for Ameris Bancorp (NASDAQ:ABCB) Stock Price

Key Points

• DA Davidson raised its price target on Ameris Bancorp to $98 and maintained a buy rating, implying about a 14.21% upside; the Street consensus is a "Moderate Buy" with an average target of $90.17.
• Ameris posted a quarterly beat with EPS of $1.63 versus $1.54 expected and revenue of $314.36M versus $309.58M, while analysts forecast roughly 4.99 EPS for the fiscal year; shares trade near $85.81 with a PE of 16.48 and market cap of about $5.86B.
• Institutional ownership is high at approximately 91.6%, though recent reported additions by hedge funds and other managers were relatively small dollar positions.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its price target raised by equities researchers at DA Davidson from $94.00 to $98.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the bank's stock. DA Davidson's price objective points to a potential upside of 14.21% from the stock's current price.

A number of other research analysts also recently issued reports on ABCB. Keefe, Bruyette & Woods boosted their price objective on Ameris Bancorp from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, February 2nd. Truist Financial boosted their price objective on Ameris Bancorp from $85.00 to $89.00 and gave the company a "hold" rating in a research note on Monday. Stephens upped their price target on Ameris Bancorp from $87.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday. Finally, Raymond James Financial restated an "outperform" rating and issued a $92.00 price target on shares of Ameris Bancorp in a research note on Monday. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Ameris Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.17.

Ameris Bancorp Stock Performance

Shares of NASDAQ:ABCB traded up $0.69 during mid-day trading on Tuesday, reaching $85.81. 79,730 shares of the company traded hands, compared to its average volume of 562,139. The company's 50 day moving average price is $79.70 and its 200-day moving average price is $77.79. The firm has a market cap of $5.86 billion, a PE ratio of 16.48 and a beta of 0.93. 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 has a 52 week low of $56.42 and a 52 week high of $87.98.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.09. The company had revenue of $314.36 million during the quarter, compared to the consensus estimate of $309.58 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the previous year, the company posted $1.28 EPS. On average, equities analysts expect that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC bought a new position in Ameris Bancorp in the 4th quarter worth approximately $29,000. Salomon & Ludwin LLC bought a new position in Ameris Bancorp in the 3rd quarter worth approximately $33,000. Covestor Ltd boosted its stake in Ameris Bancorp by 51.5% in the 3rd quarter. Covestor Ltd now owns 547 shares of the bank's stock worth $40,000 after purchasing an additional 186 shares during the period. Measured Wealth Private Client Group LLC bought a new position in shares of Ameris Bancorp during the 3rd quarter valued at approximately $45,000. Finally, Danske Bank A S bought a new position in shares of Ameris Bancorp during the 3rd quarter valued at approximately $51,000. 91.60% of the stock is currently owned by 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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