Ameris Bancorp (ABCB) Upgraded to “Buy” at Zacks Investment Research
Ameris Bancorp (NASDAQ:ABCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $40.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 11.73% from the company’s previous close.
According to Zacks, “ABC Bancorp is a bank holding company. “
Several other brokerages also recently issued reports on ABCB. Keefe, Bruyette & Woods raised their price objective on shares of Ameris Bancorp from $31.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, July 25th. Sandler O’Neill downgraded shares of Ameris Bancorp from a “buy” rating to a “hold” rating and raised their price objective for the stock from $36.00 to $38.00 in a research note on Tuesday, September 27th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $34.90.
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Ameris Bancorp (NASDAQ:ABCB) traded down 0.349% during mid-day trading on Tuesday, hitting $35.675. 113,615 shares of the company were exchanged. The company has a market cap of $1.24 billion, a price-to-earnings 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. The stock’s 50 day moving average is $35.29 and its 200-day moving average is $32.23.
Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings data on Monday, October 17th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the 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%. Equities research analysts predict that Ameris Bancorp will post $2.12 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 11th. Shareholders of record on Friday, September 30th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.12%. This is an increase from Ameris Bancorp’s previous quarterly dividend of $0.05. Ameris Bancorp’s payout ratio is currently 21.62%.
Large investors have recently bought and sold shares of the company. PineBridge Investments L.P. increased its stake in Ameris Bancorp by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,514 shares of the company’s stock worth $104,000 after buying an additional 116 shares in the last quarter. BlackRock Inc. boosted its position in shares of Ameris Bancorp by 95.9% in the second quarter. BlackRock Inc. now owns 4,042 shares of the company’s stock worth $121,000 after buying an additional 1,979 shares during the last quarter. Mason Street Advisors LLC bought a new position in shares of Ameris Bancorp during the second quarter worth about $162,000. Commerce Bank bought a new position in shares of Ameris Bancorp during the second quarter worth about $263,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Ameris Bancorp by 123.5% in the second quarter. BNP Paribas Arbitrage SA now owns 8,941 shares of the company’s stock worth $266,000 after buying an additional 4,940 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.
About Ameris Bancorp
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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