Piper Sandler Increases Ameris Bancorp (NASDAQ:ABCB) Price Target to $57.00

Ameris Bancorp (NASDAQ:ABCB) had its price objective increased by equities researchers at Piper Sandler from $55.00 to $57.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective indicates a potential upside of 19.05% from the stock’s previous close.

ABCB has been the topic of several other reports. DA Davidson restated a “buy” rating on shares of Ameris Bancorp in a report on Monday, January 15th. Truist Financial lowered their price objective on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, April 1st. StockNews.com downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Finally, Stephens reissued an “equal weight” rating and issued a $53.00 target price on shares of Ameris Bancorp in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Ameris Bancorp presently has a consensus rating of “Hold” and an average price target of $52.00.

Ameris Bancorp Stock Up 0.8 %

ABCB opened at $47.88 on Monday. Ameris Bancorp has a 12 month low of $28.33 and a 12 month high of $53.99. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.02. The stock has a market cap of $3.30 billion, a P/E ratio of 11.65 and a beta of 1.05. The stock’s 50 day moving average price is $46.59 and its 200 day moving average price is $46.27.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.04. The business had revenue of $267.27 million during the quarter, compared to analyst estimates of $258.05 million. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. The company’s revenue was down .2% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. As a group, research analysts predict that Ameris Bancorp will post 4.47 earnings per share for the current year.

Insiders Place Their Bets

In other Ameris Bancorp news, insider Jon S. Edwards sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $47.35, for a total transaction of $355,125.00. Following the completion of the sale, the insider now directly owns 59,691 shares in the company, valued at $2,826,368.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ABCB. GAMMA Investing LLC bought a new position in shares of Ameris Bancorp during the fourth quarter worth approximately $31,000. Assetmark Inc. increased its holdings in shares of Ameris Bancorp by 11.1% during the third quarter. Assetmark Inc. now owns 4,565 shares of the bank’s stock worth $175,000 after purchasing an additional 456 shares during the period. Journey Strategic Wealth LLC bought a new position in shares of Ameris Bancorp during the fourth quarter worth approximately $203,000. Trexquant Investment LP bought a new position in Ameris Bancorp in the fourth quarter valued at approximately $205,000. Finally, KLR Investment Advisors LLC bought a new position in Ameris Bancorp in the third quarter valued at approximately $209,000. 91.64% of the stock is owned by institutional investors.

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.