Truist Financial Has Lowered Expectations for Ameris Bancorp (NASDAQ:ABCB) Stock Price

Ameris Bancorp (NASDAQ:ABCB) had its target price cut by Truist Financial from $73.00 to $68.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

ABCB has been the topic of several other reports. Stephens boosted their price objective on shares of Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Ameris Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Raymond James upgraded shares of Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 price objective on the stock in a research note on Monday. StockNews.com lowered shares of Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson boosted their price objective on shares of Ameris Bancorp from $61.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.67.

Ameris Bancorp Trading Down 1.6 %

Shares of NASDAQ:ABCB opened at $61.99 on Monday. The company’s 50-day moving average price is $61.82 and its two-hundred day moving average price is $55.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.03. Ameris Bancorp has a one year low of $36.81 and a one year high of $66.51. The stock has a market capitalization of $4.28 billion, a PE ratio of 12.91 and a beta of 1.01.

Ameris Bancorp (NASDAQ:ABCB) last issued 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. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. The firm had revenue of $424.86 million for the quarter, compared to analysts’ expectations of $290.60 million. During the same period in the previous year, the firm posted $1.16 EPS. On average, equities analysts forecast that Ameris Bancorp will post 4.82 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Monday, September 30th. Ameris Bancorp’s payout ratio is currently 12.50%.

Hedge Funds Weigh In On Ameris Bancorp

Large investors have recently modified their holdings of the business. Portside Wealth Group LLC acquired a new stake in shares of Ameris Bancorp during the third quarter worth $231,000. Principal Financial Group Inc. lifted its stake in shares of Ameris Bancorp by 4.6% in the third quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock valued at $78,829,000 after buying an additional 55,473 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Ameris Bancorp by 21.4% during the third quarter. QRG Capital Management Inc. now owns 4,977 shares of the bank’s stock valued at $311,000 after purchasing an additional 878 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Ameris Bancorp by 9.0% during the third quarter. New York State Common Retirement Fund now owns 254,309 shares of the bank’s stock valued at $15,866,000 after purchasing an additional 21,090 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Ameris Bancorp by 3,396.4% during the third quarter. US Bancorp DE now owns 1,923 shares of the bank’s stock valued at $120,000 after purchasing an additional 1,868 shares in the last quarter. Institutional investors own 91.64% of the company’s stock.

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.