Truist Financial Cuts Ameris Bancorp (NASDAQ:ABCB) Price Target to $90.00

Ameris Bancorp (NASDAQ:ABCB) had its price target cut by Truist Financial from $92.00 to $90.00 in a report released on Tuesday, MarketBeat Ratings reports. They currently have a hold rating on the bank’s stock.

ABCB has been the subject of a number of other reports. Raymond James Financial lowered Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Stephens set a $88.00 price target on Ameris Bancorp in a report on Monday. Piper Sandler reduced their price objective on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday. DA Davidson boosted their price objective on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a report on Monday. Finally, Morgan Stanley raised Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $91.67.

Ameris Bancorp Price Performance

Shares of ABCB opened at $87.66 on Tuesday. The firm has a market cap of $5.90 billion, a PE ratio of 16.83 and a beta of 0.91. Ameris Bancorp has a 52-week low of $65.43 and a 52-week high of $93.22. The business’s 50 day moving average price is $88.06 and its two-hundred day moving average price is $83.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The company had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. During the same quarter in the previous year, the business posted $1.59 earnings per share. On average, equities analysts anticipate that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 annualized dividend and a yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 14.47%.

Hedge Funds Weigh In On Ameris Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Artemis Investment Management LLP bought a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $1,667,000. Jennison Associates LLC grew its holdings in Ameris Bancorp by 31.3% during the fourth quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank’s stock worth $129,320,000 after buying an additional 414,920 shares in the last quarter. UBS Group AG raised its position in Ameris Bancorp by 10.7% in the 4th quarter. UBS Group AG now owns 271,568 shares of the bank’s stock valued at $20,169,000 after buying an additional 26,320 shares during the last quarter. M&T Bank Corp purchased a new stake in Ameris Bancorp in the 4th quarter valued at $8,262,000. Finally, Burns Matteson Capital Management LLC bought a new position in Ameris Bancorp during the 4th quarter valued at $572,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

About Ameris Bancorp

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.