Ameris Bancorp (NYSE:ABCB) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Ameris Bancorp (NYSE:ABCB) released its quarterly earnings results on Thursday. The bank reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.05, FiscalAI reports. The company had revenue of $320.94 million for the quarter, compared to analyst estimates of $326.66 million. Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%.

Ameris Bancorp Stock Performance

Ameris Bancorp stock traded up $1.83 during mid-day trading on Thursday, reaching $82.45. 763,316 shares of the company traded hands, compared to its average volume of 502,395. The firm’s fifty day moving average is $83.25 and its two-hundred day moving average is $85.39. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 14.91 and a beta of 0.96. Ameris Bancorp has a fifty-two week low of $69.58 and a fifty-two week high of $93.22. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.04 and a quick ratio of 1.02.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 5th. Shareholders of record on Wednesday, September 30th were given 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, September 30th. Ameris Bancorp’s payout ratio is currently 14.47%.

Analyst Upgrades and Downgrades

ABCB has been the subject of a number of research reports. Piper Sandler lowered their price target on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Stephens set a $88.00 price objective on Ameris Bancorp in a report on Monday, July 27th. DA Davidson lifted their target price on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Weiss Ratings initiated coverage on Ameris Bancorp in a report on Wednesday, September 2nd. They issued a “buy (b)” rating for the company. Finally, Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.67.

About Ameris Bancorp

Ameris Bancorp (NYSE: ABCB) is a bank holding company and the parent company of Ameris Bank, a full-service financial institution serving individuals, businesses and communities primarily across the southeastern United States.

Ameris Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and industrial lending, commercial real estate financing, treasury management and wealth management services.