Ameris Bancorp to Post FY2024 Earnings of $4.75 Per Share, DA Davidson Forecasts (NASDAQ:ABCB)

Ameris Bancorp (NASDAQ:ABCB - Free Report) - DA Davidson upped their FY2024 EPS estimates for Ameris Bancorp in a research note issued on Tuesday, April 30th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings per share of $4.75 for the year, up from their previous estimate of $4.65. DA Davidson currently has a "Buy" rating on the stock. The consensus estimate for Ameris Bancorp's current full-year earnings is $4.55 per share.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. The business had revenue of $267.27 million for the quarter, compared to the consensus estimate of $258.05 million. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The firm's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS.

A number of other research firms have also recently issued reports on ABCB. Truist Financial cut their price objective on Ameris Bancorp from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Monday, April 1st. Piper Sandler boosted their price objective on shares of Ameris Bancorp from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Monday. Stephens reiterated an "equal weight" rating and set a $53.00 price objective on shares of Ameris Bancorp in a research report on Friday, April 26th. Finally, StockNews.com raised Ameris Bancorp from a "sell" rating to a "hold" rating in a research note on Monday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.00.

Ameris Bancorp Trading Up 1.4 %

Shares of ABCB stock traded up $0.65 on Thursday, reaching $48.68. The company had a trading volume of 332,658 shares, compared to its average volume of 380,167. The stock has a market cap of $3.36 billion, a PE ratio of 11.69 and a beta of 1.04. The company has a 50-day moving average of $46.66 and a 200-day moving average of $46.42. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22. Ameris Bancorp has a 12 month low of $28.33 and a 12 month high of $53.99.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Sunday, March 31st were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Wednesday, March 27th. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.60%.

Insider Activity at Ameris Bancorp

In other news, insider Jon S. Edwards sold 7,500 shares of Ameris Bancorp stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $47.35, for a total transaction of $355,125.00. Following the completion of the sale, the insider now owns 59,691 shares in the company, valued at approximately $2,826,368.85. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Ameris Bancorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 7,467,880 shares of the bank's stock worth $396,171,000 after acquiring an additional 33,386 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Ameris Bancorp by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,193,610 shares of the bank's stock worth $222,473,000 after buying an additional 205,750 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Ameris Bancorp by 3.7% during the third quarter. American Century Companies Inc. now owns 2,547,134 shares of the bank's stock worth $97,784,000 after buying an additional 90,694 shares in the last quarter. Independent Advisor Alliance raised its holdings in Ameris Bancorp by 8.7% in the 4th quarter. Independent Advisor Alliance now owns 2,514,293 shares of the bank's stock valued at $133,383,000 after acquiring an additional 201,644 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Ameris Bancorp by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 1,254,903 shares of the bank's stock valued at $60,712,000 after buying an additional 36,873 shares in the last quarter. Institutional investors own 91.64% of the company's stock.

Ameris Bancorp Company Profile

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.