DA Davidson Boosts Ameris Bancorp (NASDAQ:ABCB) Price Target to $100.00

Ameris Bancorp (NASDAQ:ABCB) had its target price lifted by research analysts at DA Davidson from $98.00 to $100.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. DA Davidson’s target price would suggest a potential upside of 15.50% from the company’s previous close.

A number of other brokerages have also issued reports on ABCB. Stephens upped their target price on shares of Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Truist Financial increased their target price on Ameris Bancorp from $89.00 to $92.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Morgan Stanley raised Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Raymond James Financial cut Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Finally, Piper Sandler set a $92.00 target price on shares of Ameris Bancorp in a research report on Monday. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Ameris Bancorp has an average rating of “Hold” and an average target price of $92.33.

Ameris Bancorp Stock Down 1.3%

ABCB stock traded down $1.15 during midday trading on Monday, reaching $86.58. The company had a trading volume of 73,089 shares, compared to its average volume of 534,060. Ameris Bancorp has a 1 year low of $65.43 and a 1 year high of $93.22. The company has a 50 day moving average of $87.77 and a two-hundred day moving average of $83.32. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $5.83 billion, a P/E ratio of 16.65 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 9.57% and a net margin of 21.46%.During the same period in the previous year, the company earned $1.59 EPS. On average, equities research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sound Income Strategies LLC purchased a new position in shares of Ameris Bancorp in the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Ameris Bancorp during the third quarter valued at approximately $45,000. Danske Bank A S purchased a new position in Ameris Bancorp in the 3rd quarter worth about $51,000. Torren Management LLC purchased a new stake in Ameris Bancorp during the 4th quarter valued at $76,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Ameris Bancorp by 316.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after purchasing an additional 805 shares during the period. Hedge funds and other institutional investors 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.