A Reversal for Ameris Bancorp (ABCB) Is Near. The Formed Bullish Double Top Pattern

September 14, 2018 - By Megan Stone

Ameris Bancorp (NASDAQ:ABCB) Logo

Investors sentiment increased to 2.38 in 2018 Q2. Its up 1.23, from 1.15 in 2018Q1. It is positive, as 6 investors sold Ameris Bancorp shares while 36 reduced holdings. 27 funds opened positions while 73 raised stakes. 36.02 million shares or 10.81% more from 32.51 million shares in 2018Q1 were reported.
Bard Assocs Inc reported 18,044 shares. Barclays Public Ltd Company holds 0% or 14,796 shares. Mason Street Advsrs Ltd Limited Liability Company owns 11,713 shares. Metropolitan Life Ny holds 12,970 shares or 0% of its portfolio. Principal Fin reported 341,881 shares. State Street invested 0.01% of its portfolio in Ameris Bancorp (NASDAQ:ABCB). Envestnet Asset Management has invested 0% in Ameris Bancorp (NASDAQ:ABCB). Blackrock reported 5.58 million shares stake. Nwq Inv Company Limited Company stated it has 0.9% of its portfolio in Ameris Bancorp (NASDAQ:ABCB). Stephens Inv Gru Ltd Liability Company reported 275,068 shares. Credit Suisse Ag accumulated 72,253 shares. Invest Counselors Of Maryland Ltd Llc owns 515,218 shares. Vanguard Group Inc Inc invested in 0.01% or 3.86 million shares. Raymond James & Associates invested 0% of its portfolio in Ameris Bancorp (NASDAQ:ABCB). Ny State Common Retirement Fund has 0.01% invested in Ameris Bancorp (NASDAQ:ABCB) for 170,080 shares.

Since May 21, 2018, it had 1 buy, and 1 insider sale for $334,830 activity. Another trade for 6,800 shares valued at $384,880 was sold by Ezzell Robert Dale.

The chart of Ameris Bancorp (ABCB) shows a double top with $52.76 target or 9.00 % above today’s $48.40 share price. The 5 months chart pattern indicates low risk for the $2.30B company. It was reported on Sep, 14 by Finviz.com. If the $52.76 price target is reached, the company will be worth $207.00M more. Double tops are rare but powerful chart patterns.

The stock increased 2.11% or $1 during the last trading session, reaching $48.4. About 72,571 shares traded. Ameris Bancorp (NASDAQ:ABCB) has risen 9.36% since September 14, 2017 and is uptrending. It has underperformed by 6.26% the S&P500.

Analysts await Ameris Bancorp (NASDAQ:ABCB) to report earnings on October, 18. They expect $0.91 earnings per share, up 44.44 % or $0.28 from last year’s $0.63 per share. ABCB’s profit will be $43.24M for 13.30 P/E if the $0.91 EPS becomes a reality. After $0.74 actual earnings per share reported by Ameris Bancorp for the previous quarter, Wall Street now forecasts 22.97 % EPS growth.

Ameris Bancorp (NASDAQ:ABCB) Ratings Coverage

Among 3 analysts covering Ameris Bancorp (NASDAQ:ABCB), 2 have Buy rating, 0 Sell and 1 Hold. Therefore 67% are positive. Ameris Bancorp had 4 analyst reports since April 20, 2018 according to SRatingsIntel. Stephens maintained Ameris Bancorp (NASDAQ:ABCB) on Monday, April 23 with “Buy” rating. The firm has “Buy” rating by Keefe Bruyette & Woods given on Friday, April 20. SunTrust downgraded the stock to “Hold” rating in Tuesday, June 26 report. The firm has “Buy” rating by SunTrust given on Monday, April 23.

Ameris Bancorp operates as the holding firm for Ameris Bank that provides banking services to retail and commercial clients primarily in Georgia, Alabama, Florida, and South Carolina. The company has market cap of $2.30 billion. The firm operates through four divisions: Banking Division, Retail Mortgage Division, Warehouse Lending Division, and SBA Division. It has a 28.35 P/E ratio. It offers commercial and retail checking accounts, regular interest-bearing savings accounts, money market accounts, individual retirement accounts, and certificates of deposit.

Ameris Bancorp (NASDAQ:ABCB) Ratings Chart

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