Ameris Bancorp (ABCB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Ameris Bancorp (NASDAQ:ABCB) released its earnings results on Monday. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.02. Ameris Bancorp had a net margin of 19.56% and a return on equity of 12.02%.
Shares of Ameris Bancorp (NASDAQ:ABCB) opened at 35.78 on Monday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 19.21 and a beta of 1.33. The company has a 50 day moving average of $35.24 and a 200-day moving average of $32.14. Ameris Bancorp has a 12 month low of $24.96 and a 12 month high of $36.31.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 11th. Investors of record on Friday, September 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.12%. This is an increase from Ameris Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, September 28th. Ameris Bancorp’s dividend payout ratio (DPR) is currently 21.62%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Maltese Capital Management LLC boosted its position in shares of Ameris Bancorp by 8.8% in the second quarter. Maltese Capital Management LLC now owns 518,400 shares of the company’s stock worth $15,396,000 after buying an additional 42,061 shares during the last quarter. Teachers Advisors Inc. boosted its position in Ameris Bancorp by 11.3% in the second quarter. Teachers Advisors Inc. now owns 77,263 shares of the company’s stock worth $2,295,000 after buying an additional 7,855 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Ameris Bancorp by 23.6% in the second quarter. TIAA CREF Investment Management LLC now owns 173,711 shares of the company’s stock worth $5,159,000 after buying an additional 33,173 shares in the last quarter. American International Group Inc. boosted its position in Ameris Bancorp by 1.9% in the second quarter. American International Group Inc. now owns 24,297 shares of the company’s stock worth $722,000 after buying an additional 460 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Ameris Bancorp by 2.6% in the second quarter. Janney Montgomery Scott LLC now owns 44,361 shares of the company’s stock worth $1,508,000 after buying an additional 1,105 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.
A number of research firms have issued reports on ABCB. Sandler O’Neill downgraded shares of Ameris Bancorp from a “buy” rating to a “hold” rating and upped their target price for the company from $36.00 to $38.00 in a research report on Tuesday, September 27th. Zacks Investment Research downgraded shares of Ameris Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Ameris Bancorp from $31.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 25th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.30.
Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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