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

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

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

ABCB has been the topic of several other research reports. StockNews.com upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Truist Financial dropped their target price on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Piper Sandler raised their target price on shares of Ameris Bancorp from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Stephens restated an “equal weight” rating and issued a $53.00 target price on shares of Ameris Bancorp in a report on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.00.

Ameris Bancorp Trading Up 1.2 %

Shares of ABCB stock 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 company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average is $46.63 and its 200 day moving average is $46.41. The stock has a market capitalization of $3.31 billion, a P/E ratio of 11.69 and a beta of 1.04.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Sunday, March 31st were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. The ex-dividend date was Wednesday, March 27th. Ameris Bancorp’s dividend payout ratio is presently 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 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 sale, the insider now directly owns 59,691 shares in the company, valued at approximately $2,826,368.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Ameris Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ABCB. GAMMA Investing LLC bought a new stake in shares of Ameris Bancorp in the 4th quarter worth about $31,000. Journey Strategic Wealth LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter worth about $203,000. Trexquant Investment LP purchased a new position in shares of Ameris Bancorp during the 4th quarter worth about $205,000. Xponance Inc. purchased a new position in shares of Ameris Bancorp during the 4th quarter worth about $211,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Ameris Bancorp during the 4th quarter worth about $218,000. 91.64% of the stock is currently owned by institutional investors.

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.