Ameris Bancorp (NASDAQ:ABCB) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Ameris Bancorp (NASDAQ:ABCB) from a sell rating to a hold rating in a research report report published on Thursday morning, BidAskClub reports.

ABCB has been the subject of several other research reports. Zacks Investment Research raised Ameris Bancorp from a strong sell rating to a hold rating in a research report on Thursday, August 1st. TheStreet raised Ameris Bancorp from a c+ rating to a b- rating in a research report on Wednesday, June 19th. SunTrust Banks lowered their price objective on Ameris Bancorp from $47.00 to $45.00 and set a buy rating for the company in a research report on Tuesday, August 27th. Raymond James assumed coverage on Ameris Bancorp in a research report on Thursday, July 11th. They set an outperform rating and a $45.00 price objective for the company. Finally, Stephens reissued a buy rating and set a $52.00 price objective on shares of Ameris Bancorp in a research report on Monday, July 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $46.00.

ABCB stock traded up $0.88 on Thursday, reaching $39.55. The company’s stock had a trading volume of 37,652 shares, compared to its average volume of 286,573. The business has a fifty day simple moving average of $36.70 and a two-hundred day simple moving average of $37.02. Ameris Bancorp has a 12-month low of $29.97 and a 12-month high of $49.90. The firm has a market cap of $2.56 billion, a PE ratio of 11.68 and a beta of 1.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.97 and a current ratio of 1.00.

Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings results on Friday, July 26th. The bank reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. Ameris Bancorp had a return on equity of 12.01% and a net margin of 26.23%. The company had revenue of $136.90 million during the quarter, compared to analyst estimates of $139.72 million. During the same quarter last year, the firm posted $0.74 earnings per share. The firm’s revenue was up 27.6% on a year-over-year basis. As a group, research analysts anticipate that Ameris Bancorp will post 3.79 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Atria Investments LLC purchased a new position in shares of Ameris Bancorp in the 2nd quarter worth about $454,000. BlackRock Inc. raised its position in shares of Ameris Bancorp by 23.9% in the 2nd quarter. BlackRock Inc. now owns 7,510,872 shares of the bank’s stock worth $294,351,000 after purchasing an additional 1,450,551 shares during the last quarter. Maltese Capital Management LLC raised its position in shares of Ameris Bancorp by 3.2% in the 2nd quarter. Maltese Capital Management LLC now owns 625,091 shares of the bank’s stock worth $24,497,000 after purchasing an additional 19,284 shares during the last quarter. Royal Bank of Canada raised its position in shares of Ameris Bancorp by 8.4% in the 2nd quarter. Royal Bank of Canada now owns 54,943 shares of the bank’s stock worth $2,153,000 after purchasing an additional 4,259 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Ameris Bancorp by 2,786.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 264,225 shares of the bank’s stock worth $10,355,000 after purchasing an additional 255,071 shares during the last quarter. 90.68% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Company Profile

Ameris Bancorp operates as the bank 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, SBA Division, and Premium Finance Division.

Further Reading: Return on Investment (ROI)

Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

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