BidaskClub Downgrades Ameris Bancorp (NASDAQ:ABCB) to Strong Sell
BidaskClub lowered shares of Ameris Bancorp (NASDAQ:ABCB) from a sell rating to a strong sell rating in a report issued on Thursday.
Several other analysts also recently issued reports on ABCB. Zacks Investment Research downgraded Ameris Bancorp from a hold rating to a sell rating in a research note on Monday, April 3rd. Keefe, Bruyette & Woods reiterated a hold rating and set a $50.00 price target on shares of Ameris Bancorp in a research note on Wednesday, April 5th. Stephens reiterated a buy rating and set a $52.00 price target on shares of Ameris Bancorp in a research note on Friday, April 21st. SunTrust Banks, Inc. upgraded Ameris Bancorp from a hold rating to a buy rating and set a $55.00 price target for the company in a research note on Wednesday, April 26th. Finally, ValuEngine upgraded Ameris Bancorp from a hold rating to a buy rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $49.33.
Ameris Bancorp (NASDAQ ABCB) opened at 45.75 on Thursday. The company’s 50-day moving average price is $47.51 and its 200 day moving average price is $46.11. Ameris Bancorp has a 52-week low of $32.35 and a 52-week high of $51.28. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 19.65 and a beta of 1.28.
Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.02. The company had revenue of $91.35 million for the quarter, compared to the consensus estimate of $92.71 million. Ameris Bancorp had a return on equity of 12.52% and a net margin of 22.66%. Equities research analysts predict that Ameris Bancorp will post $2.55 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, July 10th. Investors of record on Friday, June 30th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.40 annualized dividend and a yield of 0.87%. Ameris Bancorp’s payout ratio is 17.09%.
In related news, CAO Cindi H. Lewis sold 3,200 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $147,200.00. Following the completion of the sale, the chief accounting officer now owns 70,578 shares in the company, valued at approximately $3,246,588. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jon S. Edwards sold 13,033 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $47.23, for a total value of $615,548.59. Following the sale, the executive vice president now owns 50,757 shares of the company’s stock, valued at approximately $2,397,253.11. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 1,860 shares of company stock valued at $84,541 and have sold 63,474 shares valued at $2,981,154. 3.63% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Mesirow Financial Investment Management Equity Management increased its stake in shares of Ameris Bancorp by 1.6% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 384,758 shares of the bank’s stock valued at $17,737,000 after buying an additional 5,988 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Ameris Bancorp by 71.9% in the first quarter. Fisher Asset Management LLC now owns 82,669 shares of the bank’s stock valued at $3,811,000 after buying an additional 34,578 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Ameris Bancorp by 7.4% in the first quarter. State of Alaska Department of Revenue now owns 4,050 shares of the bank’s stock valued at $186,000 after buying an additional 280 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Ameris Bancorp by 6.4% in the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the bank’s stock valued at $687,000 after buying an additional 900 shares during the last quarter. Finally, TNB Financial acquired a new stake in shares of Ameris Bancorp during the first quarter valued at $422,000. Hedge funds and other institutional investors own 84.08% of the company’s stock.
Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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