Truist Financial Has Lowered Expectations for Ameris Bancorp (NASDAQ:ABCB) Stock Price

Ameris Bancorp (NASDAQ:ABCB) had its price objective reduced by stock analysts at Truist Financial from $92.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price target indicates a potential upside of 4.40% from the company’s previous close.

Several other research analysts have also weighed in on the stock. DA Davidson upped their target price on shares of Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday. Raymond James Financial lowered shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Morgan Stanley upgraded shares of Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Stephens set a $88.00 price target on Ameris Bancorp in a report on Monday. Finally, Piper Sandler decreased their price target on shares of Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating on the stock in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.67.

Ameris Bancorp Price Performance

Shares of NASDAQ ABCB opened at $86.21 on Tuesday. The stock has a market cap of $5.80 billion, a P/E ratio of 16.55 and a beta of 0.91. Ameris Bancorp has a twelve month low of $65.43 and a twelve month high of $93.22. The stock has a 50 day moving average of $87.82 and a two-hundred day moving average of $83.39. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The company had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. During the same period in the previous year, the firm posted $1.59 EPS. On average, research analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Sound Income Strategies LLC acquired a new stake in Ameris Bancorp in the fourth quarter worth $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Ameris Bancorp during the third quarter valued at approximately $45,000. Danske Bank A S bought a new position in Ameris Bancorp in the 3rd quarter worth approximately $51,000. Torren Management LLC bought a new stake in Ameris Bancorp during the 4th quarter valued at $76,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Ameris Bancorp by 316.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after purchasing an additional 805 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

About Ameris Bancorp

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.