Ameris Bancorp (NASDAQ:ABCB) Expected to Post Quarterly Sales of $247.86 Million

Brokerages expect Ameris Bancorp (NASDAQ:ABCB) to report $247.86 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Ameris Bancorp’s earnings. The lowest sales estimate is $243.12 million and the highest is $251.20 million. Ameris Bancorp reported sales of $321.56 million in the same quarter last year, which suggests a negative year-over-year growth rate of 22.9%. The business is expected to announce its next earnings report on Thursday, October 28th.

On average, analysts expect that Ameris Bancorp will report full year sales of $1.02 billion for the current fiscal year, with estimates ranging from $1.00 billion to $1.03 billion. For the next year, analysts expect that the firm will report sales of $977.35 million, with estimates ranging from $942.18 million to $1.01 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Ameris Bancorp.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Wednesday, July 21st. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.20 by $0.05. The company had revenue of $251.09 million for the quarter, compared to analysts’ expectations of $263.83 million. Ameris Bancorp had a return on equity of 15.63% and a net margin of 35.64%. During the same quarter in the prior year, the business earned $0.61 earnings per share.

ABCB has been the topic of a number of research analyst reports. Zacks Investment Research lowered Ameris Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 12th. Stephens lowered Ameris Bancorp from an “overweight” rating to an “equal weight” rating and set a $56.00 target price on the stock. in a research report on Thursday, September 30th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.00.

In other Ameris Bancorp news, CEO H Palmer Proctor, Jr. purchased 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 27th. The stock was bought at an average cost of $46.71 per share, with a total value of $116,775.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.50% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Ameris Bancorp by 3.4% during the second quarter. Vanguard Group Inc. now owns 7,402,155 shares of the bank’s stock valued at $374,771,000 after buying an additional 246,796 shares during the period. State Street Corp boosted its stake in Ameris Bancorp by 16.2% during the second quarter. State Street Corp now owns 4,115,179 shares of the bank’s stock valued at $208,969,000 after buying an additional 573,698 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ameris Bancorp by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,088,514 shares of the bank’s stock valued at $162,181,000 after buying an additional 19,228 shares during the period. Principal Financial Group Inc. boosted its stake in Ameris Bancorp by 218.6% during the second quarter. Principal Financial Group Inc. now owns 1,749,442 shares of the bank’s stock valued at $88,575,000 after buying an additional 1,200,349 shares during the period. Finally, Janus Henderson Group PLC raised its position in Ameris Bancorp by 65.2% during the first quarter. Janus Henderson Group PLC now owns 1,693,301 shares of the bank’s stock valued at $88,915,000 after purchasing an additional 668,306 shares in the last quarter. 88.29% of the stock is owned by hedge funds and other institutional investors.

ABCB traded down $0.82 during midday trading on Wednesday, reaching $52.00. 292,978 shares of the company were exchanged, compared to its average volume of 419,371. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.05. Ameris Bancorp has a one year low of $24.50 and a one year high of $59.85. The stock has a market capitalization of $3.63 billion, a P/E ratio of 8.64 and a beta of 1.40. The stock’s 50-day simple moving average is $49.57 and its 200 day simple moving average is $51.31.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 8th. Stockholders of record on Thursday, September 30th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Wednesday, September 29th. Ameris Bancorp’s dividend payout ratio (DPR) is presently 13.86%.

Ameris Bancorp Company Profile

Ameris Bancorp is a bank holding company, which through the subsidiary, Ameris Bank, engages in the provision of banking services to its retail and commercial customers. It operates through the following business segments: Banking, Retail Mortgage, Warehouse Lending, the SBA and Premium Finance. The Banking segment offers full service financial services to include commercial loans, consumer loans and deposit accounts.

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Earnings History and Estimates for Ameris Bancorp (NASDAQ:ABCB)

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