On May 10, 2014, Zacks Investment Research upgraded Ameris Bancorp (NASDAQ: ABCB) to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
Ameris Bancorp has been witnessing rising earnings estimates on the back of strong first-quarter 2014 results, steady organic growth and a healthy capital position. The long-term expected earnings growth rate for this stock is 8.00%. Further, the company recorded a solid return of 34.1% in a year's time.
Ameris Bancorp reported its first-quarter results on Apr 22 with earnings of 32 cents per share, which missed the Zacks Consensus Estimate of 33 cents by 3.03%. However, earnings came in significantly higher than the prior-year quarter figure of 20 cents.
Results in the reported quarter were primarily driven by rise in revenues and lower provision for loan losses.
Net loans ascended 28.6% year over year, while total deposits grew 20.9%. This reflects organic growth of the company. Non-performing assets as a percent of total assets declined 43 basis points to 2.29%.
On the flip side, a 15.1% rise in operating expenses and a 33.7% increase in interest expenses were recorded.
For 2014, the Zacks Consensus Estimate increased 4.4% to $1.67 per share over the last 60 days. For 2015, the Zacks Consensus Estimate advanced 13.3% to $2.04 per share over the same time period.
Other Stocks to Consider
Apart from Ameris Bancorp, other Southeast banks worth considering include Capital City Bank Group Inc. (NASDAQ: CCBG), Farmers Capital Bank Corporation (NASDAQ: FFKT) and First Bancorp (NASDAQ: FBNC). All of these stocks carry a Zacks Rank #1 (Strong Buy).
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AMERIS BANCORP (NASDAQ: ABCB): Free Stock Analysis Report
CAPITAL CITY BK (NASDAQ: CCBG): Free Stock Analysis Report
FIRST BCP-NC (NASDAQ: FBNC): Free Stock Analysis Report
FARMERS CAP KY (NASDAQ: FFKT): Free Stock Analysis Report
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