Ameris Bancorp (NASDAQ:ABCB) Given New $92.00 Price Target at Truist Financial

Ameris Bancorp (NASDAQ:ABCB) had its price target hoisted by investment analysts at Truist Financial from $89.00 to $92.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s target price suggests a potential upside of 1.84% from the company’s previous close.

Several other brokerages also recently issued reports on ABCB. Morgan Stanley raised shares of Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Stephens boosted their price objective on Ameris Bancorp from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, April 27th. Raymond James Financial cut shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. DA Davidson increased their price target on Ameris Bancorp from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Ameris Bancorp in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $92.67.

Ameris Bancorp Trading Up 0.6%

ABCB stock traded up $0.57 during trading on Friday, reaching $90.33. 107,665 shares of the stock traded hands, compared to its average volume of 536,111. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 52-week low of $64.64 and a 52-week high of $92.43. The firm has a market capitalization of $6.08 billion, a PE ratio of 17.34 and a beta of 0.91. The business’s 50 day moving average price is $86.58 and its 200-day moving average price is $82.19.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm had revenue of $314.36 million for the quarter, compared to analyst estimates of $309.58 million. During the same quarter last year, the firm posted $1.28 earnings per share. As a group, sell-side analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Institutional Investors Weigh In On Ameris Bancorp

Several hedge funds have recently modified their holdings of the stock. Sound Income Strategies LLC purchased a new stake in shares of Ameris Bancorp in the fourth quarter worth approximately $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Ameris Bancorp in the 3rd quarter valued at $45,000. Danske Bank A S acquired a new stake in shares of Ameris Bancorp in the third quarter worth about $51,000. Torren Management LLC bought a new stake in Ameris Bancorp during the fourth quarter worth approximately $76,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Ameris Bancorp by 316.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after buying an additional 805 shares during the period. 91.60% of the stock is 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.