Ameris Bancorp (ABCB) Downgraded to Hold at Sandler O’Neill
Sandler O’Neill cut shares of Ameris Bancorp (NASDAQ:ABCB) from a buy rating to a hold rating in a report issued on Tuesday morning. They currently have $38.00 price objective on the stock, up from their prior price objective of $36.00.
A number of other research firms also recently issued reports on ABCB. Zacks Investment Research downgraded Ameris Bancorp from a buy rating to a hold rating in a research report on Wednesday, July 27th. Keefe, Bruyette & Woods lifted their target price on Ameris Bancorp from $31.00 to $35.00 and gave the company a market perform rating in a research report on Monday, July 25th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $33.75.
Shares of Ameris Bancorp (NASDAQ:ABCB) traded down 0.75% during midday trading on Tuesday, hitting $34.30. The stock had a trading volume of 38,994 shares. The firm has a 50-day moving average of $34.58 and a 200 day moving average of $31.59. Ameris Bancorp has a 12-month low of $24.96 and a 12-month high of $36.20. The firm has a market cap of $1.19 billion, a PE ratio of 18.41 and a beta of 1.29.
Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Friday, July 22nd. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. Ameris Bancorp had a return on equity of 12.02% and a net margin of 19.56%. On average, analysts expect that Ameris Bancorp will post $2.12 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Friday, September 30th will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.16%. This is a boost from Ameris Bancorp’s previous quarterly dividend of $0.05. Ameris Bancorp’s dividend payout ratio (DPR) is presently 10.81%.
Several large investors have recently modified their holdings of the company. PineBridge Investments L.P. boosted its stake in shares of Ameris Bancorp by 3.4% in the second quarter. PineBridge Investments L.P. now owns 3,514 shares of the company’s stock worth $104,000 after buying an additional 116 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Ameris Bancorp by 1.0% in the second quarter. IFP Advisors Inc now owns 15,674 shares of the company’s stock worth $466,000 after buying an additional 155 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Ameris Bancorp by 2.1% in the second quarter. Arizona State Retirement System now owns 14,500 shares of the company’s stock worth $431,000 after buying an additional 300 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Ameris Bancorp by 3.5% in the second quarter. New York State Teachers Retirement System now owns 11,900 shares of the company’s stock worth $353,000 after buying an additional 400 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Ameris Bancorp by 1.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 22,751 shares of the company’s stock worth $673,000 after buying an additional 430 shares in the last quarter. Institutional investors own 80.12% of the company’s stock.
Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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