Ameris Bancorp (NASDAQ:ABCB) Downgraded by BidaskClub to “Buy”

BidaskClub lowered shares of Ameris Bancorp (NASDAQ:ABCB) from a strong-buy rating to a buy rating in a research report released on Thursday morning, BidAskClub reports.

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Several other equities research analysts have also issued reports on ABCB. Raymond James assumed coverage on shares of Ameris Bancorp in a report on Thursday, July 11th. They issued an outperform rating and a $45.00 target price for the company. Zacks Investment Research upgraded shares of Ameris Bancorp from a sell rating to a hold rating in a report on Friday, October 18th. Piper Jaffray Companies set a $53.00 target price on shares of Ameris Bancorp and gave the stock a buy rating in a report on Friday, November 1st. SunTrust Banks lowered their target price on shares of Ameris Bancorp from $47.00 to $45.00 and set a buy rating for the company in a report on Tuesday, August 27th. Finally, ValuEngine upgraded shares of Ameris Bancorp from a strong sell rating to a sell rating in a report on Thursday, September 19th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $46.60.

Shares of NASDAQ ABCB traded up $0.04 during midday trading on Thursday, reaching $44.44. The stock had a trading volume of 239,400 shares, compared to its average volume of 402,537. The stock has a 50-day moving average of $41.31 and a 200-day moving average of $38.19. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 13.15 and a beta of 1.50. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.97 and a current ratio of 1.06. Ameris Bancorp has a 12-month low of $29.97 and a 12-month high of $45.25.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Friday, October 18th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.03. The firm had revenue of $225.80 million during 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%. The business’s revenue was up 74.8% on a year-over-year basis. During the same quarter last year, the business earned $0.91 EPS. As a group, analysts forecast that Ameris Bancorp will post 3.81 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in ABCB. Quest Capital Management Inc. ADV bought a new stake in Ameris Bancorp during the 3rd quarter valued at about $25,000. Truewealth LLC lifted its holdings in Ameris Bancorp by 678.8% during the 3rd quarter. Truewealth LLC now owns 1,176 shares of the bank’s stock valued at $47,000 after buying an additional 1,025 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Ameris Bancorp by 33.8% during the 3rd quarter. Versant Capital Management Inc now owns 1,184 shares of the bank’s stock valued at $47,000 after buying an additional 299 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Ameris Bancorp by 68.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,621 shares of the bank’s stock valued at $64,000 after buying an additional 658 shares in the last quarter. Finally, LS Investment Advisors LLC lifted its holdings in Ameris Bancorp by 42.0% during the 3rd quarter. LS Investment Advisors LLC now owns 1,703 shares of the bank’s stock valued at $69,000 after buying an additional 504 shares in the last quarter. Institutional investors own 63.57% of the company’s stock.

About Ameris Bancorp

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.

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Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

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