Ameris Bancorp (NYSE:ABCB) Posts Earnings Results, Beats Expectations By $0.05 EPS

Ameris Bancorp (NYSE:ABCB) issued its earnings results on Thursday. The bank reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.05, FiscalAI reports. The firm had revenue of $320.94 million during the quarter, compared to analysts’ expectations of $326.66 million. Ameris Bancorp had a net margin of 21.98% and a return on equity of 10.62%.

Ameris Bancorp Price Performance

Shares of ABCB traded up $1.83 during mid-day trading on Thursday, hitting $82.45. 763,316 shares of the company were exchanged, compared to its average volume of 502,395. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of 14.91 and a beta of 0.96. Ameris Bancorp has a 1-year low of $69.58 and a 1-year high of $93.22. The company has a 50 day moving average of $83.25 and a 200-day moving average of $85.39. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.02 and a current ratio of 1.04.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Wednesday, September 30th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, September 30th. Ameris Bancorp’s payout ratio is presently 14.47%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Weiss Ratings started coverage on shares of Ameris Bancorp in a report on Wednesday, September 2nd. They issued a “buy (b)” rating on the stock. DA Davidson lifted their price objective on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Stephens set a $88.00 price objective on Ameris Bancorp in a research note on Monday, July 27th. Raymond James Financial cut Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Finally, Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

About Ameris Bancorp

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.