Ameris Bancorp (NASDAQ:ABCB) Raised to “Hold” at StockNews.com

Ameris Bancorp (NASDAQ:ABCB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other research analysts also recently issued reports about the company. DA Davidson lifted their target price on Ameris Bancorp from $61.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Raymond James upgraded Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 target price for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods lifted their target price on Ameris Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Stephens lifted their target price on Ameris Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 28th. Finally, Truist Financial reduced their target price on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.67.

Ameris Bancorp Stock Up 0.2 %

ABCB stock opened at $62.10 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $61.89 and a two-hundred day moving average price of $55.27. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 12.94 and a beta of 1.01. Ameris Bancorp has a twelve month low of $38.71 and a twelve month high of $66.51.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. The firm had revenue of $424.86 million during the quarter, compared to the consensus estimate of $290.60 million. Ameris Bancorp had a return on equity of 9.18% and a net margin of 20.08%. During the same period last year, the company earned $1.16 earnings per share. Analysts anticipate that Ameris Bancorp will post 4.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABCB. Portside Wealth Group LLC acquired a new position in shares of Ameris Bancorp during the 3rd quarter worth $231,000. Principal Financial Group Inc. raised its holdings in shares of Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock worth $78,829,000 after buying an additional 55,473 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Ameris Bancorp by 21.4% during the 3rd quarter. QRG Capital Management Inc. now owns 4,977 shares of the bank’s stock worth $311,000 after buying an additional 878 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Ameris Bancorp by 9.0% during the 3rd quarter. New York State Common Retirement Fund now owns 254,309 shares of the bank’s stock worth $15,866,000 after buying an additional 21,090 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of Ameris Bancorp by 3,396.4% during the 3rd quarter. US Bancorp DE now owns 1,923 shares of the bank’s stock worth $120,000 after buying an additional 1,868 shares in the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

About Ameris Bancorp

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.