Ameris Bancorp (ABCB) Upgraded by Zacks Investment Research to “Buy”
Ameris Bancorp (NASDAQ:ABCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $40.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.73% from the company’s current price.
According to Zacks, “ABC Bancorp is a bank holding company. “
Other research analysts have also issued reports about the stock. Sandler O’Neill lowered shares of Ameris Bancorp from a “buy” rating to a “hold” rating and raised their price target for the company from $36.00 to $38.00 in a research note on Tuesday, September 27th. Keefe, Bruyette & Woods raised their price target on shares of Ameris Bancorp from $31.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, July 25th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Ameris Bancorp presently has a consensus rating of “Hold” and a consensus target price of $34.90.
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Ameris Bancorp (NASDAQ:ABCB) traded down 0.349% on Tuesday, hitting $35.675. The stock had a trading volume of 113,615 shares. The firm’s 50 day moving average price is $35.29 and its 200-day moving average price is $32.23. The stock has a market cap of $1.24 billion, a PE ratio of 19.149 and a beta of 1.33. Ameris Bancorp has a 12 month low of $24.96 and a 12 month high of $36.31.
Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings results on Monday, October 17th. The company reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.02. Ameris Bancorp had a net margin of 19.56% and a return on equity of 12.02%. On average, analysts forecast that Ameris Bancorp will post $2.12 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.12%. This is a positive change from Ameris Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, September 28th. Ameris Bancorp’s dividend payout ratio (DPR) is 21.62%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors raised its position in Ameris Bancorp by 1.7% in the second quarter. BlackRock Fund Advisors now owns 1,896,397 shares of the company’s stock worth $56,323,000 after buying an additional 31,851 shares during the period. Vanguard Group Inc. increased its stake in shares of Ameris Bancorp by 10.5% in the second quarter. Vanguard Group Inc. now owns 1,426,130 shares of the company’s stock worth $42,356,000 after buying an additional 135,069 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Ameris Bancorp during the second quarter worth about $27,329,000. Polaris Capital Management LLC increased its stake in shares of Ameris Bancorp by 0.3% in the second quarter. Polaris Capital Management LLC now owns 917,543 shares of the company’s stock worth $27,251,000 after buying an additional 2,400 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Ameris Bancorp by 2.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 830,392 shares of the company’s stock worth $24,663,000 after buying an additional 21,126 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.
Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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