Zacks: Brokerages Anticipate Ameris Bancorp (ABCB) Will Post Quarterly Sales of $135.94 Million

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Brokerages expect Ameris Bancorp (NASDAQ:ABCB) to announce $135.94 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Ameris Bancorp’s earnings, with the highest sales estimate coming in at $137.80 million and the lowest estimate coming in at $133.70 million. Ameris Bancorp posted sales of $93.85 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 44.8%. The firm is expected to announce its next earnings report on Thursday, October 18th.

According to Zacks, analysts expect that Ameris Bancorp will report full year sales of $476.53 million for the current financial year, with estimates ranging from $472.30 million to $480.30 million. For the next year, analysts expect that the company will post sales of $580.70 million per share, with estimates ranging from $566.00 million to $600.80 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Ameris Bancorp.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Friday, July 27th. The bank reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.10). The business had revenue of $107.31 million during the quarter, compared to analysts’ expectations of $108.92 million. Ameris Bancorp had a return on equity of 10.84% and a net margin of 15.07%.

Several equities research analysts recently issued reports on ABCB shares. Sandler O’Neill reissued a “hold” rating and issued a $54.00 target price on shares of Ameris Bancorp in a report on Monday, July 30th. BidaskClub lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. Piper Jaffray Companies set a $54.00 price objective on Ameris Bancorp and gave the company a “hold” rating in a report on Monday, July 30th. Stephens reiterated a “buy” rating and issued a $62.00 price objective on shares of Ameris Bancorp in a report on Friday, July 27th. Finally, Zacks Investment Research downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, June 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $58.33.

In other news, Director Elizabeth A. Mccague acquired 1,000 shares of the business’s stock in a transaction on Friday, August 24th. The shares were purchased at an average price of $50.05 per share, for a total transaction of $50,050.00. Following the completion of the purchase, the director now directly owns 5,226 shares of the company’s stock, valued at approximately $261,561.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leo J. Hill acquired 2,000 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were purchased at an average price of $48.38 per share, for a total transaction of $96,760.00. Following the purchase, the director now directly owns 18,984 shares of the company’s stock, valued at $918,445.92. The disclosure for this purchase can be found here. 3.07% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. Mason Street Advisors LLC grew its holdings in Ameris Bancorp by 9.6% in the 1st quarter. Mason Street Advisors LLC now owns 10,609 shares of the bank’s stock worth $561,000 after buying an additional 926 shares in the last quarter. Flinton Capital Management LLC lifted its position in Ameris Bancorp by 17.6% in the first quarter. Flinton Capital Management LLC now owns 7,276 shares of the bank’s stock worth $385,000 after purchasing an additional 1,088 shares during the period. New York State Teachers Retirement System lifted its position in Ameris Bancorp by 7.4% in the second quarter. New York State Teachers Retirement System now owns 16,843 shares of the bank’s stock worth $899,000 after purchasing an additional 1,155 shares during the period. Louisiana State Employees Retirement System lifted its position in Ameris Bancorp by 7.1% in the second quarter. Louisiana State Employees Retirement System now owns 18,200 shares of the bank’s stock worth $971,000 after purchasing an additional 1,200 shares during the period. Finally, Municipal Employees Retirement System of Michigan lifted its position in shares of Ameris Bancorp by 8.7% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 15,270 shares of the bank’s stock valued at $808,000 after acquiring an additional 1,220 shares during the last quarter. 78.40% of the stock is owned by institutional investors.

Shares of NASDAQ:ABCB traded up $0.15 during trading on Thursday, hitting $49.65. The company’s stock had a trading volume of 202,600 shares, compared to its average volume of 226,002. Ameris Bancorp has a 12 month low of $41.05 and a 12 month high of $59.05. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $2.36 billion, a PE ratio of 18.19 and a beta of 1.08.

About Ameris Bancorp

Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, Small Business Administration Division, and Premium Finance Division.

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