Raymond James Lowers Ameris Bancorp (NASDAQ:ABCB) Price Target to $65.00

Ameris Bancorp (NASDAQ:ABCB) had its target price lowered by analysts at Raymond James from $71.00 to $65.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ target price points to a potential upside of 9.78% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. Piper Sandler Companies upped their target price on Ameris Bancorp to $74.00 and gave the company a “buy” rating in a report on Monday, April 7th. Stephens reiterated an “equal weight” rating and issued a $63.00 price objective on shares of Ameris Bancorp in a research note on Tuesday. Finally, Piper Sandler initiated coverage on shares of Ameris Bancorp in a research report on Friday, April 4th. They issued an “overweight” rating and a $74.00 target price for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ameris Bancorp presently has an average rating of “Moderate Buy” and an average price target of $71.43.

Ameris Bancorp Stock Up 1.0 %

Shares of NASDAQ:ABCB opened at $59.21 on Wednesday. The firm has a 50 day simple moving average of $56.67 and a 200 day simple moving average of $62.55. Ameris Bancorp has a 52 week low of $45.89 and a 52 week high of $74.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The company has a market cap of $4.08 billion, a PE ratio of 11.37 and a beta of 0.87.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.16. The company had revenue of $285.86 million during the quarter, compared to analyst estimates of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 earnings per share. As a group, research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current year.

Insider Activity at Ameris Bancorp

In other Ameris Bancorp news, insider Douglas D. Strange bought 1,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $56.95 per share, with a total value of $56,950.00. Following the completion of the transaction, the insider now directly owns 19,403 shares of the company’s stock, valued at approximately $1,105,000.85. The trade was a 5.43 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABCB. Barclays PLC increased its position in Ameris Bancorp by 107.7% during the third quarter. Barclays PLC now owns 140,001 shares of the bank’s stock worth $8,735,000 after buying an additional 72,599 shares during the last quarter. Principal Financial Group Inc. boosted its stake 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 acquiring an additional 55,473 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Ameris Bancorp by 9.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 728,253 shares of the bank’s stock worth $45,436,000 after acquiring an additional 60,448 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ameris Bancorp by 17.9% during the 4th quarter. GAMMA Investing LLC now owns 1,332 shares of the bank’s stock valued at $83,000 after acquiring an additional 202 shares during the last quarter. Finally, Moody National Bank Trust Division raised its stake in shares of Ameris Bancorp by 9.3% in the 4th quarter. Moody National Bank Trust Division now owns 14,611 shares of the bank’s stock valued at $914,000 after acquiring an additional 1,248 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.