Ameris Bancorp (NASDAQ:ABCB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “ABC Bancorp is a bank holding company. “
Other equities research analysts have also issued research reports about the stock. SunTrust Banks boosted their price target on shares of Ameris Bancorp from $10.00 to $65.00 and gave the company a “buy” rating in a report on Monday, January 29th. ValuEngine raised shares of Ameris Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. BidaskClub raised shares of Ameris Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, January 31st. Sandler O’Neill set a $57.00 price objective on shares of Ameris Bancorp and gave the company a “hold” rating in a research report on Monday, January 29th. Finally, Keefe, Bruyette & Woods raised shares of Ameris Bancorp from a “market perform” rating to an “outperform” rating in a research report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Ameris Bancorp presently has an average rating of “Buy” and an average price target of $55.33.
Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Friday, January 26th. The bank reported $0.63 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.63. Ameris Bancorp had a net margin of 18.44% and a return on equity of 11.73%. The business had revenue of $89.90 million for the quarter, compared to analyst estimates of $96.28 million. During the same quarter in the previous year, the business earned $0.63 earnings per share. The firm’s revenue was up 3.1% compared to the same quarter last year. equities research analysts predict that Ameris Bancorp will post 3.49 EPS for the current fiscal year.
In related news, CEO Edwin W. Hortman, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $53.58, for a total transaction of $535,800.00. Following the transaction, the chief executive officer now directly owns 256,961 shares of the company’s stock, valued at $13,767,970.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edwin W. Hortman, Jr. sold 20,336 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $56.41, for a total transaction of $1,147,153.76. Following the transaction, the insider now directly owns 246,961 shares in the company, valued at $13,931,070.01. The disclosure for this sale can be found here. Insiders have sold 50,359 shares of company stock worth $2,662,182 over the last ninety days. 3.63% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in ABCB. Bank of Montreal Can grew its position in Ameris Bancorp by 45.8% during the fourth quarter. Bank of Montreal Can now owns 3,188 shares of the bank’s stock valued at $153,000 after purchasing an additional 1,002 shares in the last quarter. Aperio Group LLC bought a new stake in Ameris Bancorp in the third quarter worth approximately $204,000. Elkfork Partners LLC bought a new stake in Ameris Bancorp in the fourth quarter worth approximately $246,000. SG Americas Securities LLC bought a new stake in Ameris Bancorp in the third quarter worth approximately $285,000. Finally, Flinton Capital Management LLC grew its position in Ameris Bancorp by 19.0% in the fourth quarter. Flinton Capital Management LLC now owns 6,188 shares of the bank’s stock worth $298,000 after acquiring an additional 986 shares in the last quarter. 83.28% of the stock is currently owned by hedge funds and other institutional investors.
Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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