Ameris Bancorp Receives Downgrade from StockNews.com

On October 26, 2024, StockNews.com announced its decision to downgrade shares of Ameris Bancorp (NASDAQ:ABCB) from a hold rating to a sell rating. This change came in a research note released early on Wednesday morning.

In addition to StockNews.com, several other financial analysts have recently provided their insights regarding Ameris Bancorp. For instance, Truist Financial raised its target price for the company's shares from $69.00 to $73.00, along with issuing a buy rating in a report dated September 20. Similarly, on July 29, Stephens adjusted its price objective for Ameris Bancorp's shares upwards from $52.00 to $64.00 and assigned an equal weight rating. Keefe, Bruyette & Woods also raised their target price from $60.00 to $65.00 on the same date while giving the company an outperform rating. Additionally, DA Davidson set a new price target of $76.00, increasing it from $61.00 and also rating the stock as a buy. Overall, the sentiment among analysts is mixed, with one rating the stock as a sell, one as hold, and four as a buy. According to MarketBeat, the average consensus rating for Ameris Bancorp's stock is classified as a "Moderate Buy" with a consensus price target of $67.00.

Recent Performance of Ameris Bancorp Stock

As of Wednesday, shares of Ameris Bancorp opened at $61.25, reflecting a decrease of 2.8%. The company has a debt-to-equity ratio of 0.30, alongside a quick ratio of 1.03 and a current ratio of 1.05. The stock is currently at a 50-day simple moving average of $61.54 and has a 200-day simple moving average of $54.69. Over the past year, Ameris Bancorp's stock has ranged from a low of $34.76 to a high of $66.51. The firm is valued with a market capitalization of $4.23 billion, a P/E ratio of 14.90, and a beta of 1.01.

Latest Quarterly Earnings

Ameris Bancorp announced its quarterly earnings on October 24, reporting an earnings per share (EPS) of $1.38 for the quarter. This figure surpassed the consensus estimate of $1.25 by $0.13. The bank achieved a return on equity of 8.97% and reported a net margin of 19.28%. The total revenue for this quarter was $424.86 million, significantly exceeding analysts' expectations of $290.60 million. During the same period last year, the firm recorded an EPS of $1.16. Analysts predict that Ameris Bancorp will finish the current year with an EPS of approximately 4.82.

Ameris Bancorp's Dividend Announcement

Recently, the company declared a quarterly dividend, which was distributed on October 7. Stockholders who were on record as of September 30 received a $0.15 dividend, translating into an annualized dividend of $0.60 and a yield of 0.98%. The ex-dividend date for this payment was September 30, and the company maintains a payout ratio of 14.60%.

Institutional Holdings in Ameris Bancorp

Various hedge funds have also adjusted their stakes in Ameris Bancorp. For example, Vanguard Group Inc. increased its holdings by 0.4% during the fourth quarter, owning 7,467,880 shares valued at $396,171,000 after acquiring an additional 33,386 shares. Wealth Enhancement Advisory Services LLC raised its holdings by 130.7% in the first quarter, now possessing 12,169 shares worth $589,000. Congress Wealth Management LLC DE bolstered its position by 19.5% during the same quarter, adding 17,916 shares to bring its total to 109,772 shares valued at $5,311,000. Additionally, Allspring Global Investments Holdings LLC grew its stake by 75% in the first quarter, now owning 416,557 shares valued at $20,153,000. Finally, Norden Group LLC initiated a new investment in Ameris Bancorp worth approximately $278,000. Overall, institutional investors and hedge funds control about 91.64% of the company's stock.

Understanding Ameris Bancorp

Ameris Bancorp serves as the bank holding company for Ameris Bank, offering a variety of banking services to both retail and commercial customers. The company operates across five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division, providing services such as commercial and retail checking, savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.

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