Ameris Bancorp (ABCB) Expected to Announce Quarterly Sales of $135.44 Million

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Equities analysts expect Ameris Bancorp (NASDAQ:ABCB) to post $135.44 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Ameris Bancorp’s earnings, with the highest sales estimate coming in at $136.33 million and the lowest estimate coming in at $133.70 million. Ameris Bancorp posted sales of $93.85 million in the same quarter last year, which suggests a positive year-over-year growth rate of 44.3%. The business is expected to report its next quarterly earnings results before the market opens on Friday, October 19th.

According to Zacks, analysts expect that Ameris Bancorp will report full-year sales of $475.40 million for the current year, with estimates ranging from $472.30 million to $477.20 million. For the next fiscal year, analysts forecast that the company will report sales of $578.97 million, with estimates ranging from $567.50 million to $594.10 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Ameris Bancorp.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings data on Friday, July 27th. The bank reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.10). Ameris Bancorp had a return on equity of 10.84% and a net margin of 15.07%. The company had revenue of $107.31 million for the quarter, compared to analyst estimates of $108.92 million.

Several brokerages recently issued reports on ABCB. BidaskClub downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. Sandler O’Neill reiterated a “hold” rating and issued a $54.00 price target on shares of Ameris Bancorp in a report on Monday, July 30th. Piper Jaffray Companies set a $54.00 price target on Ameris Bancorp and gave the company a “hold” rating in a report on Monday, July 30th. Stephens reiterated a “buy” rating and issued a $62.00 price target on shares of Ameris Bancorp in a report on Friday, July 27th. Finally, Zacks Investment Research downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Monday, June 25th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $58.00.

Shares of Ameris Bancorp stock traded down $0.78 during trading on Wednesday, hitting $43.22. 639,481 shares of the company were exchanged, compared to its average volume of 290,743. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.03 and a quick ratio of 1.01. Ameris Bancorp has a fifty-two week low of $41.86 and a fifty-two week high of $59.05. The company has a market capitalization of $2.17 billion, a P/E ratio of 17.43 and a beta of 1.13.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.40 annualized dividend and a yield of 0.93%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 16.13%.

In other news, Director Leo J. Hill acquired 2,000 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was acquired at an average cost of $48.38 per share, for a total transaction of $96,760.00. Following the acquisition, the director now directly owns 18,984 shares in the company, valued at approximately $918,445.92. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Elizabeth A. Mccague acquired 1,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were purchased at an average price of $50.05 per share, with a total value of $50,050.00. Following the completion of the acquisition, the director now owns 5,226 shares in the company, valued at $261,561.30. The disclosure for this purchase can be found here. Insiders own 3.07% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Ameris Bancorp by 12.1% during the 2nd quarter. Northern Trust Corp now owns 512,879 shares of the bank’s stock worth $27,362,000 after buying an additional 55,212 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Ameris Bancorp by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 804,157 shares of the bank’s stock worth $42,901,000 after buying an additional 15,052 shares during the last quarter. California Public Employees Retirement System increased its holdings in shares of Ameris Bancorp by 69.0% during the 2nd quarter. California Public Employees Retirement System now owns 65,130 shares of the bank’s stock worth $3,475,000 after buying an additional 26,595 shares during the last quarter. Bard Associates Inc. acquired a new stake in shares of Ameris Bancorp during the 2nd quarter worth $963,000. Finally, MetLife Investment Advisors LLC increased its holdings in shares of Ameris Bancorp by 8.8% during the 2nd quarter. MetLife Investment Advisors LLC now owns 18,334 shares of the bank’s stock worth $978,000 after buying an additional 1,479 shares during the last quarter. Institutional investors and hedge funds own 78.39% of the company’s stock.

About Ameris Bancorp

Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, Small Business Administration Division, and Premium Finance Division.

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