Ameris Bancorp (NYSE:ABCB) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Ameris Bancorp (NYSE:ABCB) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

A number of other research analysts also recently weighed in on ABCB. Truist Financial cut their price objective on Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. DA Davidson upped their target price on Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Weiss Ratings assumed coverage on Ameris Bancorp in a report on Wednesday, September 2nd. They set a “buy (b)” rating on the stock. Raymond James Financial lowered shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Finally, Stephens set a $88.00 price objective on shares of Ameris Bancorp in a research note on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Ameris Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $91.67.

Ameris Bancorp Trading Down 0.9%

Ameris Bancorp stock opened at $81.52 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.04 and a quick ratio of 1.02. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 14.74 and a beta of 0.91. Ameris Bancorp has a one year low of $68.80 and a one year high of $93.22. The company’s fifty day moving average price is $86.15 and its two-hundred day moving average price is $84.95.

Ameris Bancorp (NYSE:ABCB) last posted its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.06). The company had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. Ameris Bancorp had a net margin of 21.98% and a return on equity of 10.62%. During the same quarter last year, the business earned $1.59 earnings per share. On average, analysts forecast that Ameris Bancorp will post 6.61 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date is Wednesday, September 30th. Ameris Bancorp’s dividend payout ratio is presently 14.47%.

Institutional Trading of Ameris Bancorp

Hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ameris Bancorp during the 2nd quarter worth about $34,000. Public Employees Retirement System of Ohio bought a new stake in shares of Ameris Bancorp in the second quarter valued at about $66,000. Allworth Financial LP acquired a new stake in Ameris Bancorp during the second quarter worth about $67,000. Integrated Wealth Concepts LLC acquired a new stake in Ameris Bancorp during the second quarter worth about $91,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Ameris Bancorp by 316.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock valued at $79,000 after acquiring an additional 805 shares during the period. 91.60% of the stock is owned by institutional investors.

Ameris Bancorp Company Profile

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.