Ameris Bancorp (NASDAQ:ABCB) Reaches New 52-Week Low at $37.35

Ameris Bancorp (NASDAQ:ABCB – Get Rating)’s stock price reached a new 52-week low on Monday . The company traded as low as $37.35 and last traded at $39.41, with a volume of 149179 shares. The stock had previously closed at $42.45.

Wall Street Analyst Weigh In

ABCB has been the topic of several recent analyst reports. Truist Financial decreased their price objective on shares of Ameris Bancorp from $60.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, February 1st. DA Davidson reaffirmed a “neutral” rating on shares of Ameris Bancorp in a research note on Friday, March 3rd. Piper Sandler reiterated an “overweight” rating and set a $62.00 price objective on shares of Ameris Bancorp in a research note on Monday, December 5th. Finally, Keefe, Bruyette & Woods decreased their target price on Ameris Bancorp from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.50.

Ameris Bancorp Stock Down 1.1 %

The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 7.81 and a beta of 1.13. The company has a quick ratio of 1.07, a current ratio of 1.09 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average is $47.42 and its two-hundred day moving average is $48.51.

Ameris Bancorp (NASDAQ:ABCB – Get Rating) last released its earnings results on Friday, January 27th. The bank reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.17). The business had revenue of $272.49 million during the quarter, compared to analysts’ expectations of $281.13 million. Ameris Bancorp had a return on equity of 10.63% and a net margin of 29.41%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the business earned $1.17 earnings per share. Equities analysts anticipate that Ameris Bancorp will post 5.17 EPS for the current year.

Insiders Place Their Bets

In related news, Director William I. Jr. Bowen bought 670 shares of the business’s stock in a transaction on Friday, March 10th. The stock was acquired at an average cost of $41.20 per share, with a total value of $27,604.00. Following the purchase, the director now directly owns 22,872 shares of the company’s stock, valued at $942,326.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Ameris Bancorp

Hedge funds have recently made changes to their positions in the company. Belpointe Asset Management LLC acquired a new position in Ameris Bancorp in the fourth quarter valued at approximately $29,000. Dark Forest Capital Management LP acquired a new position in shares of Ameris Bancorp in the 4th quarter valued at $31,000. CWM LLC lifted its stake in shares of Ameris Bancorp by 89.5% in the 3rd quarter. CWM LLC now owns 667 shares of the bank’s stock valued at $30,000 after purchasing an additional 315 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Ameris Bancorp during the 2nd quarter worth $41,000. Finally, Federated Hermes Inc. increased its position in shares of Ameris Bancorp by 41.9% during the 3rd quarter. Federated Hermes Inc. now owns 1,269 shares of the bank’s stock worth $57,000 after purchasing an additional 375 shares during the last quarter. Hedge funds and other institutional investors own 86.74% of the company’s stock.

About Ameris Bancorp

(Get Rating)

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.