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UPDATE: FIG Partners Initiates Coverage on Ameris Bancorp with Outperform Rating, $17.50 PT

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In a report published Wednesday, FIG Partners analyst Christopher Marinac initiated coverage on Ameris Bancorp (NASDAQ: ABCB) with an Outperform rating and $17.50 price target.

In the report, Marinac noted, “Quarterly EPS are expected to build moderately over the next several quarters such that annual profits reach $1.00 in 2013 and then rise to $1.35 in 2014. New loan growth for the non-covered portfolio was 12% annualized and new business activity at solid loan yields in excess of 5.00% is being achieved. While “covered loans” are running off quickly, up to half may pay off in the next 12-15 months, but are replaced by loans sans FDIC loss share coverage. The company has shuttered 20% of its branch network and a few more locations could be closed as well as ongoing efforts to right-size internal procedures and processes. ABCB expects Expenses-to-Revenues to reach sub-60% in the next year and we see the company emerging as a leader on this issue.”

Ameris Bancorp closed on Tuesday at $14.00.

Latest Ratings for ABCB

DateFirmActionFromTo
Jan 2019UpgradesHoldBuy
Dec 2018UpgradesNeutralOverweight
Jun 2018DowngradesBuyHold

View More Analyst Ratings for ABCB
View the Latest Analyst Ratings

Posted-In: FIG PartnersAnalyst Color Initiation Analyst Ratings

 

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