Ameris Bancorp (NASDAQ:ABCB) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

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

Ameris Bancorp Trading Down 0.4%

ABCB traded down $0.31 during midday trading on Friday, reaching $80.99. 304,109 shares of the company were exchanged, compared to its average volume of 474,601. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a one year low of $48.27 and a one year high of $83.64. The stock has a market capitalization of $5.53 billion, a P/E ratio of 15.57 and a beta of 0.99. The stock’s 50-day simple moving average is $77.57 and its 200 day simple moving average is $73.73.

Ameris Bancorp Dividend Announcement

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

Ameris Bancorp announced that its board has approved a share repurchase plan on Monday, October 20th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ABCB. Measured Wealth Private Client Group LLC acquired a new stake in Ameris Bancorp in the third quarter worth $45,000. Danske Bank A S bought a new stake in shares of Ameris Bancorp in the 3rd quarter valued at $51,000. EverSource Wealth Advisors LLC raised its stake in Ameris Bancorp by 432.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,716 shares of the bank’s stock worth $111,000 after buying an additional 1,394 shares during the period. Focus Partners Wealth bought a new position in Ameris Bancorp during the third quarter worth about $177,000. Finally, United Services Automobile Association acquired a new position in Ameris Bancorp in the first quarter valued at about $243,000. Institutional investors own 91.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ameris Bancorp Company Profile

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.