Ameris Bancorp (NASDAQ:ABCB) Director Buys $27,604.00 in Stock

Ameris Bancorp (NASDAQ:ABCB – Get Rating) Director William I. Jr. Bowen bought 670 shares of Ameris Bancorp stock in a transaction dated Friday, March 10th. The shares were bought at an average price of $41.20 per share, for a total transaction of $27,604.00. Following the completion of the transaction, the director now directly owns 22,872 shares of the company’s stock, valued at approximately $942,326.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Ameris Bancorp Trading Down 12.5 %

Shares of NASDAQ ABCB opened at $37.14 on Tuesday. The company’s 50 day simple moving average is $47.62 and its 200 day simple moving average is $48.60. Ameris Bancorp has a fifty-two week low of $36.04 and a fifty-two week high of $54.24. The firm has a market capitalization of $2.58 billion, a P/E ratio of 7.44 and a beta of 1.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.09 and a quick ratio of 1.07.

Ameris Bancorp (NASDAQ:ABCB – Get Rating) last announced its quarterly earnings data on Friday, January 27th. The bank reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.17). Ameris Bancorp had a net margin of 29.41% and a return on equity of 10.63%. The business had revenue of $272.49 million during the quarter, compared to analyst estimates of $281.13 million. During the same quarter in the prior year, the company earned $1.17 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. On average, analysts predict that Ameris Bancorp will post 5.17 EPS for the current year.

Institutional Investors Weigh In On Ameris Bancorp

Several large investors have recently bought and sold shares of ABCB. Norges Bank bought a new stake in Ameris Bancorp in the fourth quarter valued at approximately $31,774,000. Millennium Management LLC increased its stake in Ameris Bancorp by 771.2% in the second quarter. Millennium Management LLC now owns 757,238 shares of the bank’s stock valued at $30,426,000 after purchasing an additional 670,323 shares in the last quarter. State Street Corp increased its stake in Ameris Bancorp by 14.3% in the first quarter. State Street Corp now owns 3,897,720 shares of the bank’s stock valued at $171,622,000 after purchasing an additional 488,485 shares in the last quarter. Davis Asset Management L.P. bought a new stake in Ameris Bancorp in the fourth quarter valued at approximately $18,856,000. Finally, Wellington Management Group LLP increased its stake in Ameris Bancorp by 7.4% in the first quarter. Wellington Management Group LLP now owns 5,201,328 shares of the bank’s stock valued at $228,235,000 after purchasing an additional 358,777 shares in the last quarter. Institutional investors own 86.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ABCB. Truist Financial reduced their target price on shares of Ameris Bancorp from $60.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, February 1st. Piper Sandler reiterated an “overweight” rating and set a $62.00 target price on shares of Ameris Bancorp in a research report on Monday, December 5th. Keefe, Bruyette & Woods reduced their target price on shares of Ameris Bancorp from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 31st. Finally, DA Davidson restated a “neutral” rating on shares of Ameris Bancorp in a report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.50.

Ameris Bancorp Company Profile

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Ameris Bancorp is a bank holding company, which through the subsidiary, Ameris Bank, engages in the provision of banking services to its retail and commercial customers. It operates through the following business segments: Banking, Retail Mortgage, Warehouse Lending, the SBA and Premium Finance. The Banking segment offers full service financial services to include commercial loans, consumer loans and deposit accounts.