Ameris Bancorp (NASDAQ:ABCB) Releases Earnings Results, Beats Estimates By $0.03 EPS

Ameris Bancorp (NASDAQ:ABCB) posted its quarterly earnings data on Thursday. The bank reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.03, Briefing.com reports. The business had revenue of $309.92 million during the quarter, compared to the consensus estimate of $310.48 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter in the prior year, the company posted $1.38 earnings per share.

Ameris Bancorp Trading Down 0.5%

ABCB stock traded down $0.42 during mid-day trading on Friday, reaching $80.89. 315,715 shares of the stock traded hands, compared to its average volume of 475,710. The stock’s fifty day moving average is $77.57 and its 200-day moving average is $73.73. The company has a market cap of $5.53 billion, a P/E ratio of 15.53 and a beta of 0.99. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 52-week low of $48.27 and a 52-week high of $83.64.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, December 31st. Ameris Bancorp’s payout ratio is presently 13.84%.

Analyst Ratings Changes

ABCB has been the subject of a number of research analyst reports. Piper Sandler set a $84.00 price target on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Raymond James Financial reissued an “outperform” rating and set a $80.00 target price (up previously from $73.00) on shares of Ameris Bancorp in a report on Wednesday, October 29th. Truist Financial set a $83.00 price target on Ameris Bancorp in a research note on Friday, January 9th. DA Davidson assumed coverage on Ameris Bancorp in a research report on Tuesday, November 25th. They set a “buy” rating and a $87.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.83.

Hedge Funds Weigh In On Ameris Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp in the third quarter valued at $45,000. Danske Bank A S acquired a new position in shares of Ameris Bancorp in the 3rd quarter valued at about $51,000. EverSource Wealth Advisors LLC lifted its position in shares of Ameris Bancorp by 432.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,716 shares of the bank’s stock worth $111,000 after purchasing an additional 1,394 shares in the last quarter. Focus Partners Wealth acquired a new stake in shares of Ameris Bancorp during the third quarter worth approximately $177,000. Finally, United Services Automobile Association purchased a new position in Ameris Bancorp during the first quarter valued at approximately $243,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

Ameris Bancorp announced that its board has approved a share repurchase plan on Monday, October 20th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Ameris Bancorp Company Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.