Truist Financial Increases Ameris Bancorp (NASDAQ:ABCB) Price Target to $73.00

Ameris Bancorp (NASDAQ:ABCB) had its price objective increased by equities researchers at Truist Financial from $69.00 to $73.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 13.92% from the company’s previous close.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods upped their target price on Ameris Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, July 29th. DA Davidson upped their price objective on shares of Ameris Bancorp from $61.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Stephens increased their price objective on shares of Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Ameris Bancorp Price Performance

Shares of NASDAQ:ABCB opened at $64.08 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.03 and a current ratio of 1.05. Ameris Bancorp has a 52 week low of $34.26 and a 52 week high of $65.40. The firm has a market cap of $4.43 billion, a PE ratio of 15.59 and a beta of 1.02. The firm’s fifty day moving average is $59.49 and its 200-day moving average is $52.07.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, July 25th. The bank reported $1.17 EPS for the quarter, topping the consensus estimate of $1.14 by $0.03. Ameris Bancorp had a return on equity of 8.97% and a net margin of 19.28%. The firm had revenue of $436.03 million for the quarter, compared to the consensus estimate of $273.67 million. During the same period in the previous year, the business earned $0.91 EPS. Sell-side analysts predict that Ameris Bancorp will post 4.82 earnings per share for the current year.

Institutional Investors Weigh In On Ameris Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ABCB. 1620 Investment Advisors Inc. acquired a new position in Ameris Bancorp during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC lifted its holdings in shares of Ameris Bancorp by 66.1% in the 2nd quarter. GAMMA Investing LLC now owns 819 shares of the bank’s stock worth $41,000 after purchasing an additional 326 shares in the last quarter. CWM LLC lifted its holdings in shares of Ameris Bancorp by 33.5% in the 2nd quarter. CWM LLC now owns 1,310 shares of the bank’s stock worth $66,000 after purchasing an additional 329 shares in the last quarter. Innealta Capital LLC acquired a new stake in Ameris Bancorp in the 2nd quarter valued at $143,000. Finally, SG Americas Securities LLC bought a new stake in Ameris Bancorp during the 1st quarter valued at $190,000. 91.64% of the stock is 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.