Ameris Bancorp Q3 adjusted EPS beats analyst estimates on higher portfolio loans, investment securities

Overview

• U.S. regional bank's Q3 adjusted EPS beat analyst expectations

• Company authorized new $200 mln share buyback program

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• EARNING ASSET GROWTH - Average earning assets rose $300.5 mln, or 4.5% annualized, mainly from higher portfolio loans and investment securities

• NONINTEREST INCOME DECLINE - Noninterest income fell 12.7% from Q2, driven by lower gains on securities and reduced mortgage banking activity

• EXPENSE REDUCTION - Noninterest expense dropped 34.6% from Q2, mainly due to a decline in litigation expense accruals

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Ameris Bancorp is $92.00, about 14.1% above its October 21 closing price of $80.62

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)