SunTrust Banks Increases Ameris Bancorp (NASDAQ:ABCB) Price Target to $30.00

Share on StockTwits

Ameris Bancorp (NASDAQ:ABCB) had its price target hoisted by SunTrust Banks from $29.00 to $30.00 in a report published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the bank’s stock. SunTrust Banks also issued estimates for Ameris Bancorp’s Q3 2020 earnings at $0.91 EPS, FY2020 earnings at $2.89 EPS, Q2 2021 earnings at $0.91 EPS and Q3 2021 earnings at $0.85 EPS.

Other equities research analysts have also issued reports about the company. ValuEngine upgraded Ameris Bancorp from a strong sell rating to a sell rating in a research note on Friday, May 1st. Stephens reiterated a buy rating and set a $31.00 price objective on shares of Ameris Bancorp in a research note on Friday, April 24th. Zacks Investment Research upgraded Ameris Bancorp from a hold rating to a strong-buy rating and set a $25.00 price objective for the company in a research note on Thursday, July 9th. DA Davidson assumed coverage on Ameris Bancorp in a research note on Thursday, May 21st. They set a buy rating and a $25.00 price objective for the company. Finally, BidaskClub lowered Ameris Bancorp from a hold rating to a sell rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Ameris Bancorp currently has a consensus rating of Hold and an average price target of $32.17.

NASDAQ:ABCB opened at $23.08 on Tuesday. Ameris Bancorp has a 12 month low of $17.12 and a 12 month high of $44.90. The stock has a 50 day moving average of $22.73 and a two-hundred day moving average of $28.00. The company has a current ratio of 1.07, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm has a market cap of $1.60 billion, a P/E ratio of 11.89 and a beta of 1.48.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Monday, July 27th. The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Ameris Bancorp had a return on equity of 8.86% and a net margin of 12.69%. The company had revenue of $284.77 million during the quarter, compared to analyst estimates of $218.95 million. During the same period in the previous year, the business earned $0.96 EPS. On average, research analysts forecast that Ameris Bancorp will post 2.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.60%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 15.79%.

Several hedge funds have recently bought and sold shares of ABCB. State Street Corp lifted its holdings in Ameris Bancorp by 4.1% in the first quarter. State Street Corp now owns 2,550,370 shares of the bank’s stock valued at $60,983,000 after acquiring an additional 99,578 shares during the last quarter. Jennison Associates LLC lifted its holdings in Ameris Bancorp by 11.9% in the first quarter. Jennison Associates LLC now owns 1,606,702 shares of the bank’s stock valued at $38,175,000 after acquiring an additional 170,643 shares during the last quarter. Polaris Capital Management LLC lifted its holdings in Ameris Bancorp by 1.1% in the first quarter. Polaris Capital Management LLC now owns 1,120,069 shares of the bank’s stock valued at $26,613,000 after acquiring an additional 12,400 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Ameris Bancorp by 6.8% in the first quarter. Geode Capital Management LLC now owns 944,262 shares of the bank’s stock valued at $22,435,000 after acquiring an additional 60,299 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Ameris Bancorp by 6.4% in the first quarter. Wells Fargo & Company MN now owns 624,580 shares of the bank’s stock valued at $14,840,000 after acquiring an additional 37,752 shares during the last quarter. Institutional investors and hedge funds own 84.24% of the company’s stock.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division.

See Also: What sectors are represented in the FTSE 100 index?

Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

Receive News & Ratings for Ameris Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ameris Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.