Ameris Bancorp (NASDAQ:ABCB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “ABC Bancorp is a bank holding company. “

ABCB has been the subject of several other research reports. Piper Jaffray Companies restated a “hold” rating and set a $48.00 price objective on shares of Ameris Bancorp in a research report on Friday, July 21st. ValuEngine upgraded shares of Ameris Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Keefe, Bruyette & Woods restated a “hold” rating and set a $51.00 price objective on shares of Ameris Bancorp in a research report on Friday, April 21st. Finally, SunTrust Banks, Inc. upgraded shares of Ameris Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $49.33.

Ameris Bancorp (NASDAQ:ABCB) traded down 2.65% on Wednesday, hitting $45.95. 135,120 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $47.33 and its 200-day moving average price is $46.07. The company has a market cap of $1.71 billion, a PE ratio of 19.74 and a beta of 1.28. Ameris Bancorp has a 12-month low of $32.35 and a 12-month high of $51.28.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by $0.02. The company had revenue of $91.35 million for the quarter, compared to analysts’ expectations of $92.71 million. Ameris Bancorp had a return on equity of 12.52% and a net margin of 22.66%. Analysts forecast that Ameris Bancorp will post $2.55 earnings per share for the current year.

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In related news, CAO Cindi H. Lewis sold 3,200 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $46.00, for a total value of $147,200.00. Following the completion of 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 can be accessed through the SEC website. Also, President Lawton E. Bassett III sold 5,204 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $47.23, for a total transaction of $245,784.92. Following the completion of the sale, the president now owns 32,214 shares of the company’s stock, valued at approximately $1,521,467.22. The disclosure for this sale can be found here. In the last quarter, insiders purchased 1,860 shares of company stock valued at $84,541 and sold 78,474 shares valued at $3,691,854. 3.63% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC increased its stake in Ameris Bancorp by 71.9% in the first quarter. Fisher Asset Management LLC now owns 82,669 shares of the bank’s stock valued at $3,811,000 after buying an additional 34,578 shares during the period. State of Alaska Department of Revenue increased its stake in 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 valued at $186,000 after buying an additional 280 shares during the period. Louisiana State Employees Retirement System increased its stake in Ameris Bancorp by 6.4% in the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the bank’s stock valued at $687,000 after buying an additional 900 shares during the period. TNB Financial acquired a new stake in Ameris Bancorp during the first quarter valued at approximately $422,000. Finally, Bank of Montreal Can increased its stake in Ameris Bancorp by 22.1% in the first quarter. Bank of Montreal Can now owns 56,194 shares of the bank’s stock valued at $2,590,000 after buying an additional 10,174 shares during the period. Hedge funds and other institutional investors own 84.23% of the company’s stock.

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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Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

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