Ameris Bancorp (ABCB) Cut to “Sell” at BidaskClub

BidaskClub cut shares of Ameris Bancorp (NASDAQ:ABCB) from a hold rating to a sell rating in a research note published on Tuesday.

ABCB has been the subject of several other research reports. ValuEngine lowered shares of Ameris Bancorp from a buy rating to a hold rating in a report on Thursday, November 9th. Piper Jaffray Companies set a $48.00 price target on shares of Ameris Bancorp and gave the company a hold rating in a report on Friday, October 6th. Keefe, Bruyette & Woods upgraded shares of Ameris Bancorp from a market perform rating to an outperform rating in a report on Monday, November 20th. Stephens restated a buy rating and issued a $52.00 price target on shares of Ameris Bancorp in a report on Thursday, September 28th. Finally, Zacks Investment Research upgraded shares of Ameris Bancorp from a sell rating to a hold rating in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $52.25.

Ameris Bancorp (NASDAQ:ABCB) traded down $0.85 during trading on Tuesday, reaching $46.35. 240,500 shares of the company’s stock traded hands, compared to its average volume of 194,425. The stock has a market cap of $1,757.31, a PE ratio of 19.03 and a beta of 1.19. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.04 and a current ratio of 1.07. Ameris Bancorp has a 12 month low of $41.05 and a 12 month high of $51.30.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.02). Ameris Bancorp had a net margin of 21.57% and a return on equity of 12.12%. The company had revenue of $93.85 million during the quarter, compared to analysts’ expectations of $96.89 million. research analysts predict that Ameris Bancorp will post 2.48 earnings per share for the current year.

In related news, insider James A. Lahaise sold 14,200 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $46.58, for a total transaction of $661,436.00. Following the completion of the transaction, the insider now owns 73,986 shares in the company, valued at approximately $3,446,267.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.63% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC increased its stake in Ameris Bancorp by 43.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 57,737 shares of the bank’s stock valued at $2,783,000 after purchasing an additional 17,393 shares in the last quarter. Voya Investment Management LLC increased its stake in Ameris Bancorp by 4.6% during the 2nd quarter. Voya Investment Management LLC now owns 26,905 shares of the bank’s stock valued at $1,297,000 after purchasing an additional 1,188 shares in the last quarter. Legato Capital Management LLC acquired a new position in Ameris Bancorp during the 3rd quarter valued at approximately $877,000. Piedmont Investment Advisors LLC acquired a new position in Ameris Bancorp during the 2nd quarter valued at approximately $387,000. Finally, Oak Ridge Investments LLC acquired a new position in Ameris Bancorp during the 2nd quarter valued at approximately $7,953,000. Hedge funds and other institutional investors own 82.01% of the company’s stock.

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About Ameris Bancorp

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.

Analyst Recommendations for Ameris Bancorp (NASDAQ:ABCB)

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