Ameris Bancorp (NASDAQ:ABCB) Price Target Raised to $76.00

Ameris Bancorp (NASDAQ:ABCB) had its price objective hoisted by DA Davidson from $61.00 to $76.00 in a report issued on Monday morning, Benzinga reports. DA Davidson currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Ameris Bancorp’s Q3 2024 earnings at $1.18 EPS.

Other equities research analysts have also recently issued reports about the company. StockNews.com raised Ameris Bancorp from a sell rating to a hold rating in a report on Monday, April 29th. Stephens lifted their target price on Ameris Bancorp from $52.00 to $64.00 and gave the stock an equal weight rating in a report on Monday. Truist Financial reduced their target price on Ameris Bancorp from $60.00 to $54.00 and set a buy rating on the stock in a report on Monday, April 1st. Finally, Piper Sandler lifted their target price on Ameris Bancorp from $55.00 to $57.00 and gave the stock an overweight rating in a report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Ameris Bancorp has an average rating of Moderate Buy and an average target price of $66.20.

Ameris Bancorp Price Performance

NASDAQ:ABCB opened at $58.46 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $51.67 and its two-hundred day simple moving average is $49.27. The stock has a market cap of $4.04 billion, a PE ratio of 14.22 and a beta of 1.04. Ameris Bancorp has a 52 week low of $34.26 and a 52 week high of $64.88.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.03. The business had revenue of $436.03 million for the quarter, compared to analysts’ expectations of $273.67 million. Ameris Bancorp had a return on equity of 8.97% and a net margin of 19.28%. During the same period last year, the firm earned $0.91 earnings per share. As a group, analysts forecast that Ameris Bancorp will post 4.67 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Sunday, June 30th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, June 28th. This represents a $0.60 annualized dividend and a yield of 1.03%. Ameris Bancorp’s payout ratio is currently 14.60%.

Institutional Investors Weigh In On Ameris Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Ameris Bancorp by 1.2% during the first quarter. Vanguard Group Inc. now owns 7,560,371 shares of the bank’s stock worth $365,771,000 after acquiring an additional 92,491 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Ameris Bancorp by 5.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,193,610 shares of the bank’s stock worth $222,473,000 after acquiring an additional 205,750 shares during the last quarter. Independent Advisor Alliance increased its stake in Ameris Bancorp by 8.7% during the fourth quarter. Independent Advisor Alliance now owns 2,514,293 shares of the bank’s stock worth $133,383,000 after acquiring an additional 201,644 shares during the last quarter. Principal Financial Group Inc. increased its stake in Ameris Bancorp by 3.0% during the first quarter. Principal Financial Group Inc. now owns 1,254,903 shares of the bank’s stock worth $60,712,000 after acquiring an additional 36,873 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Ameris Bancorp by 50.4% during the fourth quarter. Victory Capital Management Inc. now owns 845,390 shares of the bank’s stock worth $44,848,000 after acquiring an additional 283,138 shares during the last quarter. 91.64% of the stock is owned by institutional investors.

About Ameris Bancorp

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.