Amerant Bancorp (NASDAQ:AMTB) Switches to “Buy” at Zacks Investment Research
Amerant Bancorp (NASDAQ:AMTB – Get a rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released Tuesday, Zacks.com reports. The company currently has a price target of $31.00 on the stock. Zacks Investment Research’s price target points to a potential upside of 12.40% from the company’s previous close.
According to Zacks, “Amerant Bancorp Inc. is a bank holding company. It operates through its subsidiaries, Amerant Bank, NA, Amerant Investments, Inc. and Amerant Trust, NA. The company provides depository, lending and wealth management services to individuals and businesses primarily in the United States, as well as some international clients Amerant Bancorp Inc., formerly known as Mercantil Bank Holding Corporation, is headquartered in Coral Gables, Florida . “
Several other equity research analysts also commented on the stock. Raymond James cut his price target on Amerant Bancorp shares from $38.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday. Truist Financial raised its price target on Amerant Bancorp shares from $30.00 to $35.00 in a research note on Monday, January 24. One research analyst gave the stock a hold rating and six gave the company’s stock a buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $29.29.
AMTB shares traded down $0.32 at midday Tuesday, hitting $27.58. The stock had a trading volume of 100,456 shares, compared to an average volume of 130,925. Amerant Bancorp has a 1-year low of $17.56 and a 1-year high of $36.72. The company has a fifty-day moving average price of $30.96. The company has a market capitalization of $1.03 billion, a P/E ratio of 8.93 and a beta of 1.08. The company has a debt ratio of 1.12, a quick ratio of 0.99 and a current ratio of 1.02.
Amerant Bancorp (NASDAQ:AMTB – Get Rating) last announced its quarterly results on Wednesday, April 20. The company reported EPS of $0.45 for the quarter, beating Thomson Reuters consensus estimate of $0.42 by $0.03. Amerant Bancorp had a net margin of 30.65% and a return on equity of 9.63%. In the same quarter last year, the company posted EPS of $0.39. Research analysts expect Amerant Bancorp to post earnings per share of 2.13 for the current year.
Separately, director A. Gustavo J. Vollmer sold 13,404 shares of Amerant Bancorp in a trade dated Friday, February 11. The shares were sold at an average price of $34.50, for a total value of $462,438.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Additionally, Director A. Gustavo J. Vollmer sold 9,206 shares of Amerant Bancorp in a trade dated Wednesday, February 9. The shares were sold at an average price of $34.26, for a total transaction of $315,397.56. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 36,175 shares of the company worth $1,224,598. 17.15% of the shares are currently held by insiders of the company.
A number of hedge funds have recently increased or reduced their holdings in AMTB. Marshall Wace LLP bought a new stake in Amerant Bancorp during the first quarter worth approximately $87,000. Morgan Stanley increased its stake in Amerant Bancorp by 669.1% during the second quarter. Morgan Stanley now owns 25,004 shares of the company worth $534,000 after buying 21,753 more shares last quarter. Invesco Ltd. increased its holdings in Amerant Bancorp by 9.0% in the second quarter. Invesco Ltd. now owns 20,895 shares of the company worth $447,000 after purchasing an additional 1,728 shares last quarter. SG Americas Securities LLC acquired a new position in Amerant Bancorp during the third quarter worth approximately $340,000. Finally, Victory Capital Management Inc. acquired a new position in Amerant Bancorp during the third quarter worth approximately $230,000. 31.40% of the shares are currently held by hedge funds and other institutional investors.
About Amerant Bancorp (Get an evaluation)
Amerant Bancorp Inc operates as a bank holding company for Amerant Bank, NA which provides personal and business banking products and services in the United States and abroad. The company offers checking, savings and money market accounts; and certificates of deposit. It also offers variable and fixed rate commercial real estate loans; loans secured by owner-occupied properties; loans to domestic and foreign individuals mainly secured by personal residence; working capital loans, asset-based loans, national credit share participations, purchased receivables and small business administration loans; loans to financial institutions and acceptances; and consumer loans and overdrafts, such as auto, personal, or secured by cash or securities and revolving credit card contracts.
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