Ameris Bancorp (NASDAQ:ABCB) Issues Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Ameris Bancorp (NASDAQ:ABCB) announced its quarterly earnings results on Monday. The bank reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.16, Briefing.com reports. The firm had revenue of $285.86 million for the quarter, compared to analysts’ expectations of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 earnings per share.

Ameris Bancorp Trading Up 3.6 %

NASDAQ:ABCB opened at $59.03 on Wednesday. Ameris Bancorp has a one year low of $45.89 and a one year high of $74.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The company’s 50-day simple moving average is $56.85 and its 200 day simple moving average is $62.61. The firm has a market capitalization of $4.07 billion, a P/E ratio of 11.33 and a beta of 0.87.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp’s dividend payout ratio is currently 15.36%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABCB. Raymond James reaffirmed an “outperform” rating and set a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Piper Sandler Companies boosted their price target on shares of Ameris Bancorp to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 7th. Piper Sandler initiated coverage on Ameris Bancorp in a research report on Friday, April 4th. They set an “overweight” rating and a $74.00 price target on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $63.00 target price on shares of Ameris Bancorp in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.29.

Insider Transactions at Ameris Bancorp

In other news, insider Douglas D. Strange acquired 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $56.95 per share, with a total value of $56,950.00. Following the completion of the purchase, the insider now directly owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.50% 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.