Piper Sandler Increases Ameris Bancorp (NASDAQ:ABCB) Price Target to $57.00

Ameris Bancorp (NASDAQ:ABCB) had its price target increased by stock analysts at Piper Sandler from $55.00 to $57.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 19.05% from the company’s previous close.

A number of other equities analysts have also weighed in on ABCB. Stephens reissued an “equal weight” rating and issued a $53.00 price objective on shares of Ameris Bancorp in a research report on Friday. StockNews.com downgraded shares of Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. DA Davidson restated a “buy” rating on shares of Ameris Bancorp in a report on Monday, January 15th. Finally, Truist Financial lowered their target price on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Ameris Bancorp has an average rating of “Hold” and a consensus target price of $52.00.

Ameris Bancorp Stock Performance

NASDAQ:ABCB opened at $47.88 on Monday. The firm has a 50 day simple moving average of $46.59 and a 200-day simple moving average of $46.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.02. The firm has a market cap of $3.30 billion, a PE ratio of 11.65 and a beta of 1.05. Ameris Bancorp has a 1-year low of $28.33 and a 1-year high of $53.99.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.04. The business had revenue of $267.27 million during the quarter, compared to analyst estimates of $258.05 million. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.86 earnings per share. On average, equities analysts expect that Ameris Bancorp will post 4.47 EPS for the current year.

Insider Transactions at Ameris Bancorp

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in Ameris Bancorp in the fourth quarter valued at $31,000. Assetmark Inc. raised its holdings in Ameris Bancorp by 11.1% in the third quarter. Assetmark Inc. now owns 4,565 shares of the bank’s stock valued at $175,000 after acquiring an additional 456 shares in the last quarter. Journey Strategic Wealth LLC acquired a new stake in Ameris Bancorp in the fourth quarter valued at $203,000. Trexquant Investment LP acquired a new stake in Ameris Bancorp in the fourth quarter valued at $205,000. Finally, KLR Investment Advisors LLC acquired a new stake in Ameris Bancorp in the third quarter valued at $209,000. 91.64% of the stock is owned by institutional investors and hedge funds.

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.