Ameris Bancorp (ABCB) Price Target Increased to $65.00 by Analysts at SunTrust Banks

Ameris Bancorp (NASDAQ:ABCB) had its price target upped by analysts at SunTrust Banks from $10.00 to $65.00 in a research report issued to clients and investors on Monday, The Fly reports. The brokerage currently has a “buy” rating on the bank’s stock. SunTrust Banks’ price target would suggest a potential upside of 18.51% from the company’s previous close.

Several other equities analysts also recently weighed in on ABCB. Piper Jaffray Companies reiterated a “neutral” rating and issued a $47.50 price target on shares of Ameris Bancorp in a report on Thursday, October 5th. Zacks Investment Research upgraded Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $52.00 price objective on shares of Ameris Bancorp in a research report on Thursday, October 26th. ValuEngine lowered Ameris Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, BidaskClub lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Ameris Bancorp presently has an average rating of “Buy” and an average target price of $55.00.

Ameris Bancorp (NASDAQ ABCB) opened at $54.85 on Monday. Ameris Bancorp has a fifty-two week low of $41.05 and a fifty-two week high of $56.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.95. The firm has a market cap of $2,042.12, a P/E ratio of 27.56 and a beta of 1.20.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings results on Friday, January 26th. The bank reported $0.63 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. Ameris Bancorp had a net margin of 18.44% and a return on equity of 11.73%. The company had revenue of $89.90 million for the quarter, compared to the consensus estimate of $96.28 million. During the same quarter in the prior year, the company earned $0.63 EPS. Ameris Bancorp’s quarterly revenue was up 3.1% on a year-over-year basis. analysts expect that Ameris Bancorp will post 3.46 earnings per share for the current year.

In other Ameris Bancorp news, insider James A. Lahaise sold 14,200 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $46.58, for a total value of $661,436.00. Following the sale, the insider now owns 73,986 shares in the company, valued at approximately $3,446,267.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.63% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. PineBridge Investments L.P. lifted its position in shares of Ameris Bancorp by 3.4% during the 2nd quarter. PineBridge Investments L.P. now owns 3,514 shares of the bank’s stock valued at $104,000 after buying an additional 116 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Ameris Bancorp during the 3rd quarter valued at approximately $124,000. LS Investment Advisors LLC lifted its position in shares of Ameris Bancorp by 126.5% during the 1st quarter. LS Investment Advisors LLC now owns 2,901 shares of the bank’s stock valued at $134,000 after buying an additional 1,620 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Ameris Bancorp during the 1st quarter valued at approximately $136,000. Finally, Legal & General Group Plc lifted its position in shares of Ameris Bancorp by 17.6% during the 1st quarter. Legal & General Group Plc now owns 4,734 shares of the bank’s stock valued at $137,000 after buying an additional 709 shares in the last quarter. Institutional investors and hedge funds own 81.78% of the company’s stock.

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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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