Ameris Bancorp (ABCB) Expected to Announce Quarterly Sales of $96.89 Million
Wall Street analysts forecast that Ameris Bancorp (NASDAQ:ABCB) will report sales of $96.89 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Ameris Bancorp’s earnings. The lowest sales estimate is $96.58 million and the highest is $97.20 million. Ameris Bancorp posted sales of $85.93 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 12.8%. The firm is expected to report its next quarterly earnings results before the market opens on Thursday, October 19th.
On average, analysts expect that Ameris Bancorp will report full year sales of $96.89 million for the current year, with estimates ranging from $374.90 million to $376.30 million. For the next fiscal year, analysts forecast that the business will post sales of $428.45 million per share, with estimates ranging from $424.30 million to $432.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Ameris Bancorp.
Ameris Bancorp (NASDAQ:ABCB) last posted its earnings results on Friday, July 21st. The bank reported $0.63 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.02). Ameris Bancorp had a return on equity of 12.52% and a net margin of 22.66%. The company had revenue of $91.35 million during the quarter, compared to analysts’ expectations of $92.71 million.
A number of brokerages have recently issued reports on ABCB. BidaskClub raised shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Piper Jaffray Companies set a $48.00 target price on shares of Ameris Bancorp and gave the company a “hold” rating in a research note on Friday. Stephens reissued a “buy” rating and set a $54.00 target price on shares of Ameris Bancorp in a research note on Friday, July 21st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $51.00 target price on shares of Ameris Bancorp in a research note on Monday, June 26th. Finally, Zacks Investment Research lowered shares of Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $51.50.
Shares of Ameris Bancorp (ABCB) opened at 49.40 on Friday. The stock has a market capitalization of $1.84 billion, a PE ratio of 21.22 and a beta of 1.30. The stock has a 50 day moving average of $44.88 and a 200 day moving average of $45.70. Ameris Bancorp has a 52-week low of $35.01 and a 52-week high of $51.28.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend is Thursday, September 28th. Ameris Bancorp’s dividend payout ratio is currently 17.09%.
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In related news, Director Leo J. Hill bought 1,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $42.75 per share, with a total value of $42,750.00. Following the completion of the purchase, the director now owns 16,629 shares of the company’s stock, valued at $710,889.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.63% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC boosted its stake in shares of Ameris Bancorp by 5.8% during the second quarter. Lord Abbett & CO. LLC now owns 55,025 shares of the bank’s stock valued at $2,652,000 after purchasing an additional 3,025 shares during the period. Cetera Investment Advisers purchased a new stake in Ameris Bancorp in the second quarter worth about $597,000. Piedmont Investment Advisors LLC purchased a new stake in Ameris Bancorp in the second quarter worth about $387,000. Ameritas Investment Partners Inc. lifted its stake in Ameris Bancorp by 8.4% in the second quarter. Ameritas Investment Partners Inc. now owns 3,188 shares of the bank’s stock worth $154,000 after acquiring an additional 248 shares during the period. Finally, Susquehanna International Group LLP purchased a new stake in Ameris Bancorp in the second quarter worth about $296,000. 82.41% of the stock is owned by hedge funds and other institutional investors.
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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