Ameris Bancorp (NASDAQ:ABCB) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Ameris Bancorp (NASDAQ:ABCB) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “ABC Bancorp is a bank holding company. “

Several other brokerages have also issued reports on ABCB. Stephens set a $112.00 target price on Genesee & Wyoming and gave the company a hold rating in a research report on Monday, July 1st. TheStreet lowered VOXX International from a c- rating to a d rating in a research report on Wednesday, June 19th. Finally, BidaskClub raised Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $49.71.

Shares of NASDAQ ABCB traded down $0.06 during mid-day trading on Monday, reaching $38.60. 628,781 shares of the company were exchanged, compared to its average volume of 397,214. The business has a 50-day simple moving average of $37.58. Ameris Bancorp has a 1 year low of $29.97 and a 1 year high of $52.85. The firm has a market capitalization of $1.87 billion, a PE ratio of 11.42 and a beta of 1.45. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.02). Ameris Bancorp had a net margin of 23.09% and a return on equity of 11.24%. The business had revenue of $130.20 million for the quarter, compared to analyst estimates of $130.90 million. During the same period in the prior year, the company earned $0.73 earnings per share. The company’s quarterly revenue was up 36.6% on a year-over-year basis. Analysts anticipate that Ameris Bancorp will post 3.92 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Friday, June 28th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Thursday, June 27th. Ameris Bancorp’s dividend payout ratio (DPR) is 11.83%.

In related news, Director Elizabeth A. Mccague bought 800 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average cost of $37.50 per share, with a total value of $30,000.00. Following the completion of the acquisition, the director now directly owns 7,692 shares in the company, valued at $288,450. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its position in Ameris Bancorp by 1,124.7% during the first quarter. Versant Capital Management Inc now owns 1,090 shares of the bank’s stock worth $37,000 after purchasing an additional 1,001 shares in the last quarter. Stephens Inc. AR lifted its position in shares of Ameris Bancorp by 28.6% in the fourth quarter. Stephens Inc. AR now owns 3,497 shares of the bank’s stock valued at $111,000 after acquiring an additional 777 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Ameris Bancorp by 38.2% in the fourth quarter. Advisor Group Inc. now owns 3,886 shares of the bank’s stock valued at $123,000 after acquiring an additional 1,075 shares in the last quarter. Pearl River Capital LLC purchased a new position in shares of Ameris Bancorp in the first quarter valued at approximately $148,000. Finally, Amalgamated Bank purchased a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $204,000. 87.00% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Company Profile

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.

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