Ameris Bancorp (NYSE:ABCB) Stock Price Target Raised at Truist Financial

Ameris Bancorp (NYSE:ABCB) had its target price upped by investment analysts at Truist Financial from $84.00 to $87.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial‘s price objective suggests a potential upside of 5.33% from the company’s previous close.

A number of other research analysts have also recently commented on ABCB. Wall Street Zen raised Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings assumed coverage on shares of Ameris Bancorp in a report on Wednesday, September 2nd. They set a “buy (b)” rating for the company. Stephens set a $88.00 price objective on shares of Ameris Bancorp in a research report on Monday, July 27th. DA Davidson lowered their target price on shares of Ameris Bancorp from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $90.50.

Ameris Bancorp Price Performance

NYSE:ABCB opened at $82.59 on Wednesday. The business’s 50-day simple moving average is $82.77 and its two-hundred day simple moving average is $83.63. Ameris Bancorp has a 52 week low of $69.58 and a 52 week high of $93.22.

Ameris Bancorp (NYSE:ABCB) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.05. The business had revenue of $320.94 million during the quarter, compared to the consensus estimate of $326.72 million. During the same period last year, the company earned $1.54 EPS. The business’s revenue was up 2.4% on a year-over-year basis. As a group, analysts expect that Ameris Bancorp will post 6.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABCB. Cahaba Wealth Management Inc. increased its position in Ameris Bancorp by 5.4% in the third quarter. Cahaba Wealth Management Inc. now owns 17,159 shares of the bank’s stock worth $1,364,000 after purchasing an additional 876 shares during the last quarter. Gibbs Wealth Management lifted its position in Ameris Bancorp by 6.6% during the third quarter. Gibbs Wealth Management now owns 13,132 shares of the bank’s stock valued at $1,044,000 after purchasing an additional 810 shares during the last quarter. Inspire Investing LLC lifted its position in Ameris Bancorp by 6.0% during the third quarter. Inspire Investing LLC now owns 7,988 shares of the bank’s stock valued at $635,000 after purchasing an additional 455 shares during the last quarter. Root Financial Partners LLC bought a new position in Ameris Bancorp during the third quarter valued at $27,000. Finally, Genesee Capital Advisors LLC purchased a new position in shares of Ameris Bancorp in the 3rd quarter worth $236,000. 91.60% of the stock is currently owned by institutional investors.

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.