Piper Sandler Companies Forecasts Strong Price Appreciation for Ameris Bancorp (NASDAQ:ABCB) Stock

Ameris Bancorp (NASDAQ:ABCB) had its target price raised by Piper Sandler Companies to $74.00 in a research note issued on Monday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the bank’s stock. Piper Sandler Companies’ price target would suggest a potential upside of 46.41% from the stock’s previous close.

A number of other equities research analysts have also commented on ABCB. Piper Sandler initiated coverage on Ameris Bancorp in a research report on Friday, April 4th. They set an “overweight” rating and a $74.00 price target on the stock. Stephens restated an “equal weight” rating and set a $71.00 target price on shares of Ameris Bancorp in a report on Friday, January 31st. Finally, Raymond James reiterated an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.43.

Ameris Bancorp Trading Down 0.7 %

Shares of NASDAQ ABCB opened at $50.54 on Monday. Ameris Bancorp has a twelve month low of $44.23 and a twelve month high of $74.56. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 9.70 and a beta of 0.87. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The company’s fifty day moving average is $60.84 and its 200-day moving average is $63.43.

Insiders Place Their Bets

In related news, insider Douglas D. Strange purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the purchase, the insider now directly owns 19,403 shares in the company, valued at $1,105,000.85. This trade represents a 5.43 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ameris Bancorp

Several large investors have recently made changes to their positions in the stock. Picton Mahoney Asset Management lifted its stake in Ameris Bancorp by 2,436.8% in the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank’s stock valued at $30,000 after acquiring an additional 463 shares during the last quarter. Park Square Financial Group LLC bought a new stake in shares of Ameris Bancorp in the 4th quarter valued at about $37,000. Versant Capital Management Inc lifted its stake in Ameris Bancorp by 84.1% in the 1st quarter. Versant Capital Management Inc now owns 731 shares of the bank’s stock valued at $42,000 after purchasing an additional 334 shares during the last quarter. R Squared Ltd bought a new position in Ameris Bancorp during the fourth quarter worth about $51,000. Finally, Blue Trust Inc. increased its position in Ameris Bancorp by 56.1% during the fourth quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock worth $69,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.