Robert Dale Ezzell, a director at Ameris Bancorp (NASDAQ:NYSE:ABCB), recently sold 8,000 shares of the company's common stock. The shares were sold at an average price of $69.91 each, totaling approximately $559,251. Following this transaction, Ezzell's direct ownership stands at 27,444.1 shares. This total includes a small number of shares acquired through an employee stock purchase plan.
In other recent news, Ameris Bank has seen significant developments. The bank recently promoted Brian Parks to the position of head of Wholesale Banking, a role that will see him overseeing key departments and managing operations in the metro Atlanta market.
In their latest earnings report, Ameris Bancorp reported a net income of $99.2 million for the third quarter, with an operating earnings per share (EPS) of $1.38, exceeding both the consensus estimate of $1.25 and Stephens' prediction of $1.27. However, the bank's core pre-provision net revenue (PPNR) of $127.8 million fell short of both the consensus expectation of $135.5 million and Stephens' forecast.
Following these results, financial analyst firm Stephens has updated its price target for Ameris Bancorp, raising it to $67.00 from the previous $64.00, while maintaining an Equal Weight rating on the stock. Stephens also adjusted its earnings expectations for the company for the years 2024 to 2026, forecasting a decrease in earnings due to a slightly lower than anticipated net interest margin and reduced expectations for mortgage banking revenues.
Despite these adjustments, Ameris Bancorp continues to show strong business performance, with stable asset quality trends, and a lower provision for credit losses. The bank anticipates mid-single-digit growth for both loans and deposits going into 2024 and has renewed a $100 million stock buyback plan through October 2025. These are the recent developments at Ameris Bancorp.
InvestingPro Insights
The recent insider sale by Director Robert Dale Ezzell comes at a time when Ameris Bancorp (NASDAQ:ABCB) is experiencing strong market performance. According to InvestingPro data, the stock is trading near its 52-week high, with a price that is 96.21% of its highest point over the past year. This aligns with the company's impressive stock performance, boasting a 76.91% total return over the last year and a 44.51% return over the past six months.
Despite the insider sale, Ameris Bancorp's financial metrics suggest a solid foundation. The company's P/E ratio of 14.55 indicates a relatively attractive valuation, especially considering its revenue growth of 11.92% over the last twelve months. Additionally, an InvestingPro Tip highlights that ABCB is trading at a low P/E ratio relative to its near-term earnings growth, which could signal potential upside for investors.
Another InvestingPro Tip worth noting is that Ameris Bancorp has maintained dividend payments for 11 consecutive years, demonstrating a commitment to shareholder returns. This consistency in dividend payments, coupled with the company's strong recent performance, may provide some context for why the stock is trading near its yearly highs despite the insider sale.
For investors seeking a deeper understanding of Ameris Bancorp's potential, InvestingPro offers 13 additional tips that could provide valuable insights into the company's prospects and valuation.
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