Zacks Investment Research upgraded shares of Ameris Bancorp (NASDAQ:ABCB) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $56.00 price objective on the bank’s stock.
According to Zacks, “ABC Bancorp is a bank holding company. “
Other research analysts have also recently issued research reports about the company. BidaskClub upgraded Ameris Bancorp from a sell rating to a hold rating in a research note on Wednesday, December 20th. Piper Jaffray Companies set a $50.00 target price on Ameris Bancorp and gave the company a hold rating in a research note on Monday, October 23rd. Keefe, Bruyette & Woods restated a hold rating and issued a $52.00 target price on shares of Ameris Bancorp in a research note on Thursday, October 26th. Stephens restated a buy rating and issued a $52.00 target price on shares of Ameris Bancorp in a research note on Thursday, September 28th. Finally, ValuEngine cut Ameris Bancorp from a buy rating to a hold rating in a research note on Thursday, November 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $53.00.
Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.02). Ameris Bancorp had a return on equity of 12.12% and a net margin of 21.57%. The business had revenue of $93.85 million during the quarter, compared to analysts’ expectations of $96.89 million. sell-side analysts forecast that Ameris Bancorp will post 2.48 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend was Thursday, December 28th. Ameris Bancorp’s payout ratio is presently 17.78%.
In other news, insider James A. Lahaise sold 14,200 shares of the firm’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 completion of the transaction, the insider now owns 73,986 shares in the company, valued at approximately $3,446,267.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.63% of the company’s stock.
A number of large investors have recently made changes to their positions in ABCB. Schwab Charles Investment Management Inc. raised its stake in Ameris Bancorp by 11.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 157,748 shares of the bank’s stock valued at $7,604,000 after buying an additional 15,743 shares during the last quarter. Legal & General Group Plc raised its stake in Ameris Bancorp by 10.5% during the second quarter. Legal & General Group Plc now owns 71,894 shares of the bank’s stock valued at $3,468,000 after buying an additional 6,823 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Ameris Bancorp by 66.8% during the second quarter. BNP Paribas Arbitrage SA now owns 11,274 shares of the bank’s stock valued at $543,000 after buying an additional 4,517 shares during the last quarter. Victory Capital Management Inc. raised its stake in Ameris Bancorp by 17.7% during the second quarter. Victory Capital Management Inc. now owns 4,125 shares of the bank’s stock valued at $199,000 after buying an additional 619 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Ameris Bancorp by 2.1% during the second quarter. Principal Financial Group Inc. now owns 311,656 shares of the bank’s stock valued at $15,022,000 after buying an additional 6,417 shares during the last quarter. Institutional investors and hedge funds own 81.98% 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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