Ameris Bancorp (NASDAQ: ABCB) is scheduled to release its quarterly earnings on January 29, 2024, after the market closes. Analysts anticipate the company will report earnings of $1.56 per share alongside revenues estimated at $310.48 million for the quarter. This announcement is highly anticipated given the company’s recent performance and strategic initiatives.
Stock Performance and Financial Metrics
As of Tuesday, Ameris Bancorp shares opened at $80.33. The company maintains a strong financial position with a debt-to-equity ratio of 0.11, a current ratio of 1.02, and a quick ratio of 1.00. Over the past year, the stock has experienced a low of $48.27 and a high of $83.64. The market capitalization stands at approximately $5.49 billion, with a price-to-earnings ratio of 15.42 and a beta of 0.99.
In a significant move to enhance shareholder value, the Board of Directors announced a stock repurchase program on October 20, 2023. This authorization allows the company to buy back up to $200 million in outstanding shares, equating to approximately 4% of its total shares. Such buyback initiatives often indicate that company leadership believes its stock is undervalued in the market.
Analyst Ratings and Institutional Investments
Recent analyst reports have shown a positive outlook for Ameris Bancorp. On October 31, 2023, Keefe, Bruyette & Woods raised their target price from $78.00 to $82.00, maintaining an “outperform” rating. Additionally, Piper Sandler set a target price of $84.00 in a report on October 29, 2023. DA Davidson also initiated coverage, giving a “buy” rating with a target price of $87.00. Other firms, including Raymond James Financial and Truist Financial, have similarly updated their price targets, further indicating a consensus of optimism regarding the stock’s potential.
Currently, four research analysts have rated Ameris Bancorp with a “Buy” rating, while two have issued a “Hold” rating. According to MarketBeat, the company holds an average rating of “Moderate Buy” with a consensus target price of $79.83.
Institutional investors have been active in adjusting their positions in Ameris Bancorp. Measured Wealth Private Client Group LLC recently acquired a stake valued at approximately $45,000, while Danske Bank A S purchased shares valued at $51,000. EverSource Wealth Advisors LLC significantly increased its holdings by 432.9% during the second quarter. Overall, institutional investors and hedge funds collectively own 91.60% of the company’s stock.
Ameris Bancorp is headquartered in Atlanta, Georgia, and operates through its principal subsidiary, Ameris Bank. The company provides a comprehensive range of commercial and retail banking services. Its offerings include deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products, and wealth management. With a network of branches across the southeastern United States, Ameris Bancorp serves a diverse clientele, including individuals and businesses in the agricultural sector.
As the earnings release approaches, investors and analysts will be watching closely to see how Ameris Bancorp navigates the current economic landscape and whether it can meet or exceed market expectations.
