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Regional banking company Ameris Bancorp (NYSE: ABCB) will be announcing earnings results this Thursday after the bell. Here’s what you need to know.
Ameris Bancorp beat analysts’ revenue expectations by 2.4% last quarter, reporting revenues of $313.1 million, up 12% year on year. It was a strong quarter for the company, with a solid beat of analysts’ revenue estimates and a decent beat of analysts’ tangible book value per share estimates.
This quarter, analysts are expecting Ameris Bancorp’s revenue to grow 6.6% year on year to $310.5 million, slowing from the 10.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.58 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ameris Bancorp has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Ameris Bancorp’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. UMB Financial delivered year-on-year revenue growth of 66%, beating analysts’ expectations by 6%, and WSFS Financial reported revenues up 6.2%, topping estimates by 4.1%. WSFS Financial traded up 6.5% following the results.
There has been positive sentiment among investors in the regional banks segment, with share prices up 3.4% on average over the last month. Ameris Bancorp is up 5.7% during the same time and is heading into earnings with an average analyst price target of $83.29 (compared to the current share price of $80.17).