DA Davidson Weighs in on Ameris Bancorp’s FY2024 Earnings (NASDAQ:ABCB)

Ameris Bancorp (NASDAQ:ABCB) – Stock analysts at DA Davidson raised their FY2024 earnings per share (EPS) estimates for Ameris Bancorp in a research note issued on Tuesday, April 30th. DA Davidson analyst M. Navas now expects that the bank will earn $4.75 per share for the year, up from their prior forecast of $4.65. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Ameris Bancorp’s current full-year earnings is $4.55 per share.

Several other equities analysts have also weighed in on the company. Stephens reissued an “equal weight” rating and issued a $53.00 target price on shares of Ameris Bancorp in a research note on Friday, April 26th. Truist Financial cut their target price on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, April 1st. Piper Sandler increased their target price on Ameris Bancorp from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday. Finally, StockNews.com raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Ameris Bancorp Trading Up 1.2 %

Shares of ABCB opened at $48.03 on Thursday. Ameris Bancorp has a 12-month low of $28.33 and a 12-month high of $53.99. The stock’s fifty day simple moving average is $46.63 and its 200-day simple moving average is $46.41. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3.31 billion, a PE ratio of 11.69 and a beta of 1.04.

Ameris Bancorp (NASDAQ:ABCB) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. The business had revenue of $267.27 million for the quarter, compared to analyst estimates of $258.05 million. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The firm’s revenue for the quarter was down .2% compared to the same quarter last year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Sunday, March 31st were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Wednesday, March 27th. Ameris Bancorp’s dividend payout ratio is currently 14.60%.

Insider Transactions at Ameris Bancorp

In other news, insider Jon S. Edwards sold 7,500 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $47.35, for a total transaction of $355,125.00. Following the sale, the insider now owns 59,691 shares of the company’s stock, valued at $2,826,368.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Ameris Bancorp in the third quarter valued at approximately $1,151,000. Raymond James Financial Services Advisors Inc. bought a new position in Ameris Bancorp in the third quarter valued at approximately $334,000. Independent Advisor Alliance grew its stake in Ameris Bancorp by 0.5% in the third quarter. Independent Advisor Alliance now owns 2,312,649 shares of the bank’s stock valued at $88,783,000 after purchasing an additional 10,692 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ameris Bancorp by 16.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,188 shares of the bank’s stock valued at $506,000 after buying an additional 1,834 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Ameris Bancorp by 2.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,493 shares of the bank’s stock valued at $1,132,000 after buying an additional 662 shares during the last quarter. 91.64% of the stock is currently owned by institutional investors.

Ameris Bancorp Company Profile

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.