BidaskClub Downgrades Ameris Bancorp (NASDAQ:ABCB) to Buy

Ameris Bancorp (NASDAQ:ABCB) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Thursday, BidAskClub reports.

Several other equities analysts have also weighed in on the stock. ValuEngine upgraded shares of Ameris Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday, September 19th. Piper Jaffray Companies set a $53.00 target price on shares of Ameris Bancorp and gave the company a “buy” rating in a report on Friday, November 1st. SunTrust Banks reduced their target price on shares of Ameris Bancorp from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Stephens set a $50.00 target price on shares of Ameris Bancorp and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Raymond James started coverage on shares of Ameris Bancorp in a report on Thursday, July 11th. They set an “outperform” rating and a $45.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $46.60.

Ameris Bancorp stock traded up $0.04 during mid-day trading on Thursday, reaching $44.44. The company had a trading volume of 239,400 shares, compared to its average volume of 402,537. The company has a market capitalization of $3.06 billion, a P/E ratio of 13.15 and a beta of 1.50. The stock’s 50-day simple moving average is $41.31 and its 200-day simple moving average is $38.19. Ameris Bancorp has a 1 year low of $29.97 and a 1 year high of $45.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.06 and a quick ratio of 0.97.

Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings results on Friday, October 18th. The bank reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.03. The company had revenue of $225.80 million for the quarter, compared to analyst estimates of $213.84 million. Ameris Bancorp had a net margin of 19.46% and a return on equity of 11.71%. Ameris Bancorp’s revenue for the quarter was up 74.8% on a year-over-year basis. During the same quarter last year, the business earned $0.91 EPS. On average, equities analysts forecast that Ameris Bancorp will post 3.81 EPS for the current fiscal year.

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Several large investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in shares of Ameris Bancorp by 23.9% during the 2nd quarter. BlackRock Inc. now owns 7,510,872 shares of the bank’s stock valued at $294,351,000 after acquiring an additional 1,450,551 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in Ameris Bancorp by 13.9% in the 3rd quarter. GW&K Investment Management LLC now owns 1,087,191 shares of the bank’s stock worth $43,748,000 after buying an additional 132,381 shares in the last quarter. Jennison Associates LLC lifted its holdings in Ameris Bancorp by 2.1% in the 2nd quarter. Jennison Associates LLC now owns 967,428 shares of the bank’s stock worth $37,914,000 after buying an additional 19,600 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Ameris Bancorp by 7.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 877,935 shares of the bank’s stock worth $34,405,000 after buying an additional 61,421 shares in the last quarter. Finally, Jacobs Asset Management LLC lifted its holdings in Ameris Bancorp by 1.8% in the 2nd quarter. Jacobs Asset Management LLC now owns 695,286 shares of the bank’s stock worth $27,248,000 after buying an additional 12,500 shares in the last quarter. Institutional investors and hedge funds own 63.57% of the company’s stock.

Ameris Bancorp Company Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division.

See Also: The limitations of an equal weight rating

Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

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