Ameris Bancorp (NASDAQ:ABCB) Announces Earnings Results

Ameris Bancorp (NASDAQ:ABCB) posted its quarterly earnings results on Thursday. The bank reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.03, Briefing.com reports. The business had revenue of $309.92 million during the quarter, compared to analysts’ expectations of $310.48 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter last year, the company posted $1.38 earnings per share.

Ameris Bancorp Trading Down 0.1%

Shares of ABCB traded down $0.05 during trading on Friday, reaching $81.26. 273,579 shares of the company traded hands, compared to its average volume of 472,512. The stock has a 50-day simple moving average of $77.57 and a 200-day simple moving average of $73.73. The stock has a market cap of $5.55 billion, a PE ratio of 15.55 and a beta of 0.99. Ameris Bancorp has a twelve month low of $48.27 and a twelve month high of $83.64. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is 13.84%.

Ameris Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, October 20th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler set a $84.00 target price on Ameris Bancorp in a report on Wednesday, October 29th. Raymond James Financial reissued an “outperform” rating and set a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Keefe, Bruyette & Woods increased their target price on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Truist Financial set a $83.00 price objective on Ameris Bancorp in a report on Friday, January 9th. Finally, DA Davidson initiated coverage on Ameris Bancorp in a report on Tuesday, November 25th. They set a “buy” rating and a $87.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ABCB. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp in the 3rd quarter valued at $45,000. Danske Bank A S purchased a new stake in Ameris Bancorp during the third quarter worth about $51,000. EverSource Wealth Advisors LLC lifted its position in shares of Ameris Bancorp by 432.9% during the second quarter. EverSource Wealth Advisors LLC now owns 1,716 shares of the bank’s stock worth $111,000 after purchasing an additional 1,394 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Ameris Bancorp in the third quarter valued at approximately $177,000. Finally, United Services Automobile Association acquired a new position in shares of Ameris Bancorp in the first quarter valued at approximately $243,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.