Ameris Bancorp (NASDAQ:ABCB) Raised to “Outperform” at Raymond James

Ameris Bancorp (NASDAQ:ABCB) was upgraded by Raymond James from a “market perform” rating to an “outperform” rating in a research note issued on Monday, Briefing.com reports. The firm presently has a $67.00 target price on the bank’s stock. Raymond James’ target price would indicate a potential upside of 9.39% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. DA Davidson increased their target price on shares of Ameris Bancorp from $61.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, July 29th. StockNews.com lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 23rd. Stephens boosted their target price on Ameris Bancorp from $52.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Truist Financial raised their price target on Ameris Bancorp from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Keefe, Bruyette & Woods boosted their price objective on Ameris Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.00.

Ameris Bancorp Stock Performance

NASDAQ:ABCB opened at $61.25 on Monday. Ameris Bancorp has a 52 week low of $34.76 and a 52 week high of $66.51. The company has a fifty day simple moving average of $61.54 and a two-hundred day simple moving average of $54.80. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 14.90 and a beta of 1.01.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, October 24th. The bank reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Ameris Bancorp had a return on equity of 8.97% and a net margin of 19.28%. The business had revenue of $424.86 million for the quarter, compared to the consensus estimate of $290.60 million. During the same quarter in the prior year, the business posted $1.16 EPS. As a group, equities analysts anticipate that Ameris Bancorp will post 4.82 earnings per share for the current fiscal year.

Institutional Trading of Ameris Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in ABCB. Allspring Global Investments Holdings LLC boosted its holdings in Ameris Bancorp by 75.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock valued at $20,153,000 after purchasing an additional 178,500 shares in the last quarter. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 92,491 shares during the period. Jupiter Asset Management Ltd. purchased a new position in Ameris Bancorp in the first quarter worth $3,869,000. Edgestream Partners L.P. lifted its holdings in Ameris Bancorp by 164.8% in the first quarter. Edgestream Partners L.P. now owns 119,164 shares of the bank’s stock valued at $5,765,000 after acquiring an additional 74,165 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Ameris Bancorp during the 2nd quarter worth $2,462,000. Hedge funds and other 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.