Zacks: Analysts Expect Ameris Bancorp (ABCB) Will Post Quarterly Sales of $92.71 Million
Brokerages expect Ameris Bancorp (NASDAQ:ABCB) to announce sales of $92.71 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Ameris Bancorp’s earnings, with the lowest sales estimate coming in at $91.21 million and the highest estimate coming in at $94.20 million. Ameris Bancorp posted sales of $82.97 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.7%. The company is expected to issue its next quarterly earnings report before the market opens on Friday, July 21st.
According to Zacks, analysts expect that Ameris Bancorp will report full-year sales of $92.71 million for the current fiscal year, with estimates ranging from $369.80 million to $377.00 million. For the next fiscal year, analysts forecast that the firm will report sales of $424.05 million per share, with estimates ranging from $414.10 million to $434.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Ameris Bancorp.
Ameris Bancorp (NASDAQ:ABCB) last posted its earnings results on Friday, April 21st. The bank reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Ameris Bancorp had a net margin of 22.56% and a return on equity of 12.74%. The firm had revenue of $86.30 million during the quarter, compared to analysts’ expectations of $86.84 million.
A number of brokerages have commented on ABCB. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $51.00 target price on shares of Ameris Bancorp in a report on Monday. ValuEngine upgraded shares of Ameris Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Friday, April 28th. SunTrust Banks, Inc. upgraded shares of Ameris Bancorp from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, April 26th. Finally, Stephens reiterated a “buy” rating and issued a $52.00 target price on shares of Ameris Bancorp in a report on Friday, April 21st. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $49.20.
Ameris Bancorp (ABCB) traded up 0.10% during midday trading on Friday, hitting $48.80. 81,504 shares of the stock traded hands. Ameris Bancorp has a 52-week low of $28.90 and a 52-week high of $49.80. The firm’s 50-day moving average is $45.88 and its 200-day moving average is $45.69. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 21.30 and a beta of 1.32.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Friday, June 30th will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.40 annualized dividend and a yield of 0.82%. Ameris Bancorp’s dividend payout ratio is presently 17.47%.
In other Ameris Bancorp news, CAO Cindi H. Lewis sold 3,200 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total value of $147,200.00. Following the sale, the chief accounting officer now owns 70,578 shares in the company, valued at approximately $3,246,588. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Edwin W. Hortman, Jr. sold 27,459 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $46.69, for a total value of $1,282,060.71. Following the completion of the sale, the chief executive officer now owns 207,725 shares in the company, valued at approximately $9,698,680.25. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 1,860 shares of company stock worth $84,541 and sold 78,474 shares worth $3,691,854. Corporate insiders own 3.63% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC raised its position in shares of Ameris Bancorp by 126.5% in the first quarter. LS Investment Advisors LLC now owns 2,901 shares of the bank’s stock worth $134,000 after buying an additional 1,620 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Ameris Bancorp during the first quarter worth about $136,000. Victory Capital Management Inc. raised its position in shares of Ameris Bancorp by 1.6% in the first quarter. Victory Capital Management Inc. now owns 3,506 shares of the bank’s stock worth $162,000 after buying an additional 55 shares during the period. First Interstate Bank raised its position in shares of Ameris Bancorp by 8.8% in the first quarter. First Interstate Bank now owns 3,845 shares of the bank’s stock worth $177,000 after buying an additional 310 shares during the period. Finally, State of Alaska Department of Revenue raised its position in shares of Ameris Bancorp by 7.4% in the first quarter. State of Alaska Department of Revenue now owns 4,050 shares of the bank’s stock worth $186,000 after buying an additional 280 shares during the period. Hedge funds and other institutional investors own 84.18% 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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