Truist Financial Issues Positive Forecast for Ameris Bancorp (NASDAQ:ABCB) Stock Price

Key Points

• Truist Financial raised its price target on Ameris Bancorp to $89 from $85 while keeping a "hold" rating, implying roughly a 4.8% upside from the current price.
• Analyst consensus remains positive with an average target of $87, four analysts rated the stock Buy and two rated it Hold, giving an overall "Moderate Buy" view.
• Ameris recently beat estimates with quarterly EPS of $1.63 (vs. $1.54 expected) and revenue of $314.4M, and the shares trade at a market cap of about $5.8B with a PE of 16.3.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its price target lifted by analysts at Truist Financial from $85.00 to $89.00 in a report issued on Monday,Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's price target suggests a potential upside of 4.79% from the stock's current price.

ABCB has been the subject of several other reports. Stephens upped their price target on shares of Ameris Bancorp from $79.00 to $87.00 and gave the stock an "equal weight" rating in a report on Monday, February 2nd. DA Davidson set a $94.00 price target on shares of Ameris Bancorp in a report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Ameris Bancorp from $82.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $87.00.

Ameris Bancorp Stock Up 0.0%

Shares of NASDAQ:ABCB opened at $84.93 on Monday. The company has a fifty day moving average of $79.68 and a 200-day moving average of $77.71. The company has a market capitalization of $5.80 billion, a PE ratio of 16.30 and a beta of 0.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a 52-week low of $55.70 and a 52-week high of $87.98.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 21.46% and a return on equity of 9.57%. During the same period in the prior year, the business earned $1.28 earnings per share. On average, equities analysts predict that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC acquired a new position in Ameris Bancorp in the fourth quarter valued at $29,000. Salomon & Ludwin LLC acquired a new position in Ameris Bancorp in the third quarter valued at $33,000. Covestor Ltd lifted its holdings in Ameris Bancorp by 51.5% in the third quarter. Covestor Ltd now owns 547 shares of the bank's stock valued at $40,000 after buying an additional 186 shares during the period. Measured Wealth Private Client Group LLC acquired a new position in Ameris Bancorp in the third quarter valued at $45,000. Finally, Danske Bank A S bought a new stake in Ameris Bancorp in the third quarter valued at $51,000. 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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