Ameris Bancorp (NYSE:ABCB) Stock Moved Down to “Sell” by Wall Street Zen

Wall Street Zen cut shares of Ameris Bancorp (NYSE:ABCB) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

ABCB has been the topic of several other research reports. Stephens set a $88.00 price objective on Ameris Bancorp in a research note on Monday, July 27th. DA Davidson raised their target price on Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Raymond James Financial lowered Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Truist Financial dropped their price target on Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a research report on Tuesday, July 28th. Finally, Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.67.

Ameris Bancorp Stock Performance

Shares of ABCB stock opened at $82.37 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.02 and a current ratio of 1.04. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 14.90 and a beta of 0.91. Ameris Bancorp has a 52 week low of $68.80 and a 52 week high of $93.22. The firm’s 50-day simple moving average is $86.33 and its two-hundred day simple moving average is $84.86.

Ameris Bancorp (NYSE:ABCB) last released its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a net margin of 21.98% and a return on equity of 10.62%. The company had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. During the same period in the prior year, the company earned $1.59 earnings per share. As a group, equities analysts forecast that Ameris Bancorp will post 6.61 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, September 30th. Ameris Bancorp’s dividend payout ratio is presently 14.47%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ABCB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ameris Bancorp during the 2nd quarter valued at $34,000. Public Employees Retirement System of Ohio bought a new stake in shares of Ameris Bancorp during the 2nd quarter valued at $66,000. Allworth Financial LP purchased a new stake in Ameris Bancorp during the 2nd quarter worth about $67,000. Caitong International Asset Management Co. Ltd lifted its holdings in Ameris Bancorp by 316.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after purchasing an additional 805 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Ameris Bancorp during the 2nd quarter worth about $91,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Ameris Bancorp

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.