DA Davidson Increases Ameris Bancorp (NASDAQ:ABCB) Price Target to $76.00

Ameris Bancorp (NASDAQ:ABCB) had its price objective lifted by stock analysts at DA Davidson from $61.00 to $76.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s target price would indicate a potential upside of 23.62% from the company’s previous close.

Several other brokerages also recently commented on ABCB. Truist Financial reduced their price objective on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, April 1st. StockNews.com raised shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Stephens raised their price objective on shares of Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Piper Sandler raised their price objective on shares of Ameris Bancorp from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $63.20.

Ameris Bancorp Trading Down 0.4 %

NASDAQ:ABCB traded down $0.23 on Monday, reaching $61.48. 31,575 shares of the stock traded hands, compared to its average volume of 363,688. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 15.00 and a beta of 1.04. The company’s 50 day moving average is $50.98 and its 200-day moving average is $49.05. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30. Ameris Bancorp has a 1-year low of $34.26 and a 1-year high of $64.88.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Thursday, July 25th. The bank reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.03. The business had revenue of $436.03 million during the quarter, compared to the consensus estimate of $273.67 million. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. During the same quarter in the prior year, the firm posted $0.91 EPS. Equities research analysts anticipate that Ameris Bancorp will post 4.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

A number of large investors have recently modified their holdings of ABCB. GAMMA Investing LLC bought a new position in shares of Ameris Bancorp in the 4th quarter worth $31,000. 1620 Investment Advisors Inc. bought a new position in Ameris Bancorp during the 2nd quarter valued at $33,000. CWM LLC lifted its stake in Ameris Bancorp by 33.5% during the 2nd quarter. CWM LLC now owns 1,310 shares of the bank’s stock valued at $66,000 after acquiring an additional 329 shares in the last quarter. SG Americas Securities LLC bought a new position in Ameris Bancorp during the 1st quarter valued at $190,000. Finally, Journey Strategic Wealth LLC bought a new position in Ameris Bancorp during the 4th quarter valued at $203,000. 91.64% of the stock is currently owned by institutional investors.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.