Ameris Bancorp (ABCB) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Ameris Bancorp (NASDAQ:ABCB) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The firm currently has $40.00 target price on the stock.
According to Zacks, “ABC Bancorp is a bank holding company. “
A number of other equities analysts have also recently commented on the company. Sandler O’Neill cut Ameris Bancorp from a buy rating to a hold rating and raised their target price for the company from $36.00 to $38.00 in a report on Tuesday, September 27th. Keefe, Bruyette & Woods lifted their price objective on Ameris Bancorp from $31.00 to $35.00 and gave the company a market perform rating in a research note on Monday, July 25th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Ameris Bancorp currently has a consensus rating of Hold and an average target price of $34.90.
Shares of Ameris Bancorp (NASDAQ:ABCB) traded up 0.42% during midday trading on Tuesday, reaching $35.90. The company had a trading volume of 3,245 shares. Ameris Bancorp has a 52-week low of $24.96 and a 52-week high of $36.31. The stock has a market capitalization of $1.25 billion, a PE ratio of 19.27 and a beta of 1.33. The company’s 50 day moving average price is $35.34 and its 200 day moving average price is $32.27.
Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Monday, October 17th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.02. Ameris Bancorp had a return on equity of 12.64% and a net margin of 20.46%. Equities research analysts expect that Ameris Bancorp will post $2.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 11th. Stockholders of record on Friday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend was Wednesday, September 28th. This is a positive change from Ameris Bancorp’s previous quarterly dividend of $0.05. Ameris Bancorp’s dividend payout ratio (DPR) is 20.20%.
Several large investors have recently modified their holdings of the company. GW&K Investment Management LLC acquired a new stake in shares of Ameris Bancorp during the second quarter valued at $17,671,000. BNP Paribas Arbitrage SA raised its position in Ameris Bancorp by 123.5% in the second quarter. BNP Paribas Arbitrage SA now owns 8,941 shares of the company’s stock valued at $266,000 after buying an additional 4,940 shares during the period. Barclays PLC purchased a new position in Ameris Bancorp during the first quarter valued at approximately $296,000. Kennedy Capital Management Inc. raised its position in Ameris Bancorp by 2.6% in the first quarter. Kennedy Capital Management Inc. now owns 508,027 shares of the company’s stock valued at $15,027,000 after buying an additional 12,782 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Ameris Bancorp by 594.6% in the first quarter. Goldman Sachs Group Inc. now owns 597,273 shares of the company’s stock valued at $17,667,000 after buying an additional 511,290 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.
About Ameris Bancorp
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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