Ameris Bancorp FY2024 EPS Estimate Increased by DA Davidson

Ameris Bancorp (NASDAQ:ABCB) – Equities researchers at DA Davidson upped their FY2024 earnings per share (EPS) estimates for shares of Ameris Bancorp in a research note issued to investors on Tuesday, October 29th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings of $4.75 per share for the year, up from their previous forecast of $4.65. DA Davidson currently has a “Buy” rating and a $76.00 target price on the stock. The consensus estimate for Ameris Bancorp’s current full-year earnings is $4.82 per share. DA Davidson also issued estimates for Ameris Bancorp’s FY2025 earnings at $5.05 EPS.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $1.38 EPS for the quarter, topping the consensus estimate of $1.25 by $0.13. The business had revenue of $424.86 million for the quarter, compared to analyst estimates of $290.60 million. Ameris Bancorp had a return on equity of 8.97% and a net margin of 19.28%. During the same quarter in the previous year, the firm earned $1.16 EPS.

A number of other brokerages also recently issued reports on ABCB. Truist Financial cut their price objective on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Monday. Keefe, Bruyette & Woods raised their price objective on Ameris Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Stephens raised their price objective on Ameris Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday. Raymond James raised Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 price objective for the company in a research report on Monday. Finally, StockNews.com downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $66.67.

Ameris Bancorp Stock Up 1.2 %

Shares of NASDAQ:ABCB opened at $63.01 on Wednesday. The business has a 50-day moving average price of $61.82 and a 200 day moving average price of $55.11. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 15.33 and a beta of 1.01. Ameris Bancorp has a 12-month low of $36.81 and a 12-month high of $66.51.

Hedge Funds Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in ABCB. Allspring Global Investments Holdings LLC grew its position in shares of Ameris Bancorp by 75.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock worth $20,153,000 after buying an additional 178,500 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Ameris Bancorp by 1.2% during the first quarter. Vanguard Group Inc. now owns 7,560,371 shares of the bank’s stock worth $365,771,000 after buying an additional 92,491 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Ameris Bancorp during the first quarter worth about $3,869,000. Edgestream Partners L.P. grew its position in shares of Ameris Bancorp by 164.8% during the first quarter. Edgestream Partners L.P. now owns 119,164 shares of the bank’s stock worth $5,765,000 after buying an additional 74,165 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Ameris Bancorp during the second quarter worth about $2,462,000. 91.64% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 30th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.95%. The ex-dividend date was Monday, September 30th. Ameris Bancorp’s dividend payout ratio is currently 14.60%.

Ameris Bancorp Company Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.