Piper Jaffray Companies Reaffirms “Hold” Rating for Ameris Bancorp (NASDAQ:ABCB)
Ameris Bancorp (NASDAQ:ABCB)‘s stock had its “hold” rating reissued by research analysts at Piper Jaffray Companies in a research report issued on Friday. They presently have a $48.00 price target on the bank’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 2.24% from the stock’s previous close.
Several other research analysts have also commented on ABCB. Zacks Investment Research lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, March 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $50.00 price target on shares of Ameris Bancorp in a research report on Wednesday, April 5th. Stephens reaffirmed a “buy” rating and set a $52.00 price target on shares of Ameris Bancorp in a research report on Friday, April 21st. SunTrust Banks, Inc. raised Ameris Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, April 26th. Finally, ValuEngine raised Ameris Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Ameris Bancorp currently has an average rating of “Hold” and a consensus target price of $49.33.
Shares of Ameris Bancorp (ABCB) traded down 0.42% during midday trading on Friday, reaching $46.95. The company had a trading volume of 218,203 shares. The stock has a market capitalization of $1.67 billion, a PE ratio of 20.49 and a beta of 1.28. Ameris Bancorp has a 52-week low of $30.79 and a 52-week high of $51.28. The company’s 50 day moving average price is $47.16 and its 200 day moving average price is $46.01.
Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Friday, April 21st. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $86.30 million for the quarter, compared to analyst estimates of $86.84 million. Ameris Bancorp had a return on equity of 12.74% and a net margin of 22.56%. Equities research analysts expect that Ameris Bancorp will post $2.60 earnings per share for the current year.
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In other news, President Lawton E. Bassett III sold 5,204 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $47.23, for a total value of $245,784.92. Following the transaction, the president now owns 32,214 shares of the company’s stock, valued at $1,521,467.22. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Dennis J. Zember, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $47.38, for a total value of $710,700.00. Following the completion of the transaction, the chief operating officer now directly owns 148,727 shares in the company, valued at approximately $7,046,685.26. The disclosure for this sale can be found here. In the last three months, insiders bought 1,860 shares of company stock worth $84,541 and sold 78,474 shares worth $3,691,854. Insiders own 3.63% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PineBridge Investments L.P. raised its position in Ameris Bancorp by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,514 shares of the bank’s stock worth $104,000 after buying an additional 116 shares during the last quarter. Victory Capital Management Inc. bought a new position in Ameris Bancorp during the third quarter worth about $124,000. LS Investment Advisors LLC raised its position in 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 last quarter. Ameritas Investment Partners Inc. bought a new position in Ameris Bancorp during the first quarter worth about $136,000. Finally, Legal & General Group Plc raised its position in Ameris Bancorp by 17.6% in the first quarter. Legal & General Group Plc now owns 4,734 shares of the bank’s stock worth $137,000 after buying an additional 709 shares during the last quarter. 84.17% 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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