Ameris Bancorp (NYSE:ABCB) Stock Price Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• Ameris Bancorp shares crossed above their 50-day moving average, reaching $83.63 before trading at approximately $82.78, compared with a 50-day average of $82.56.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $90.50. Ratings include four Buys and four Holds.
• The bank exceeded quarterly EPS expectations, reporting $1.73 versus the $1.68 consensus estimate, while revenue rose 2.4% year over year. Ameris also pays a quarterly dividend of $0.20, equivalent to a 1.0% yield.

Ameris Bancorp (NYSE:ABCB - Get Free Report) crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $82.56 and traded as high as $83.63. Ameris Bancorp shares last traded at $82.7810, with a volume of 390,548 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ABCB shares. Stephens set a $88.00 target price on shares of Ameris Bancorp in a research note on Monday, July 27th. Truist Financial lifted their price target on shares of Ameris Bancorp from $84.00 to $87.00 and gave the stock a "hold" rating in a research report on Wednesday. DA Davidson reduced their price target on shares of Ameris Bancorp from $100.00 to $96.00 and set a "buy" rating on the stock in a research report on Tuesday. Wall Street Zen raised shares of Ameris Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, October 24th. Finally, Weiss Ratings initiated coverage on shares of Ameris Bancorp in a research report on Wednesday, September 2nd. They issued a "buy (b)" rating for the company. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $90.50.

Ameris Bancorp Price Performance

The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average price of $82.56 and a two-hundred day moving average price of $83.66. The firm has a market cap of $5.56 billion, a P/E ratio of 14.47 and a beta of 0.96.

Ameris Bancorp (NYSE:ABCB - Get Free Report) last posted its earnings results on Thursday, October 22nd. The bank reported $1.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.05. The business had revenue of $320.94 million during the quarter, compared to analysts' expectations of $326.72 million. Ameris Bancorp had a return on equity of 10.81% and a net margin of 22.47%. Ameris Bancorp's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.54 EPS. Equities analysts anticipate that Ameris Bancorp will post 6.63 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Wednesday, September 30th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, September 30th. Ameris Bancorp's dividend payout ratio is 13.99%.

Institutional Investors Weigh In On Ameris Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in ABCB. Root Financial Partners LLC acquired a new position in Ameris Bancorp in the 3rd quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Ameris Bancorp during the 2nd quarter worth approximately $34,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Ameris Bancorp in the second quarter valued at approximately $66,000. Allworth Financial LP acquired a new stake in shares of Ameris Bancorp in the second quarter valued at approximately $67,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Ameris Bancorp in the second quarter valued at approximately $91,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Ameris Bancorp Company Profile

Ameris Bancorp NYSE: ABCB is a bank holding company and the parent company of Ameris Bank, a full-service financial institution serving individuals, businesses and communities primarily across the southeastern United States.

Ameris Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and industrial lending, commercial real estate financing, treasury management and wealth management services.

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