Truist Financial Raises Ameris Bancorp (NASDAQ:ABCB) Price Target to $92.00

Key Points

• Truist Financial raised its price target on Ameris Bancorp to $92 from $89, while keeping a hold rating. The new target implies only about 1.84% upside from the current share price.
• Other analysts have recently adjusted their views as well, with targets ranging from $90 to $98 and ratings split between buy, overweight, and hold. Overall, MarketBeat shows a Moderate Buy consensus with an average price target of $92.67.
• Ameris Bancorp shares were up 0.6% to $90.33 on Friday, near their 52-week high of $92.43. The company also reported solid quarterly results, beating earnings and revenue expectations in its latest release.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) had its price target hoisted by equities research analysts at Truist Financial from $89.00 to $92.00 in a report released on Friday,Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's target price would indicate a potential upside of 1.84% from the stock's current price.

Other analysts have also recently issued reports about the stock. Stephens upped their price objective on shares of Ameris Bancorp from $87.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, April 27th. DA Davidson boosted their price objective on Ameris Bancorp from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Raymond James Financial downgraded shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Morgan Stanley upgraded Ameris Bancorp to an "overweight" rating in a report on Wednesday, June 24th. Finally, Piper Sandler restated an "overweight" rating and set a $96.00 target price on shares of Ameris Bancorp in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $92.67.

Ameris Bancorp Stock Up 0.6%

Shares of NASDAQ ABCB traded up $0.57 during midday trading on Friday, reaching $90.33. 107,665 shares of the company's stock traded hands, compared to its average volume of 536,111. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 17.34 and a beta of 0.91. The stock's 50 day simple moving average is $86.58 and its 200-day simple moving average is $82.19. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a one year low of $64.64 and a one year high of $92.43.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The business had revenue of $314.36 million for the quarter, compared to analysts' expectations of $309.58 million. During the same quarter last year, the firm earned $1.28 EPS. On average, analysts predict that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sound Income Strategies LLC purchased a new stake in Ameris Bancorp in the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new stake in Ameris Bancorp in the third quarter valued at $45,000. Danske Bank A S purchased a new stake in Ameris Bancorp during the third quarter worth about $51,000. Torren Management LLC purchased a new stake in shares of Ameris Bancorp during the 4th quarter worth approximately $76,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Ameris Bancorp by 316.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank's stock worth $79,000 after purchasing an additional 805 shares in 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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