Ameris Bancorp (NASDAQ:ABCB) Reaches New 1-Year High – Time to Buy?

Ameris Bancorp (NASDAQ:ABCB) hit a new 52-week high during trading on Wednesday . The stock traded as high as $77.78 and last traded at $78.3750, with a volume of 263756 shares trading hands. The stock had previously closed at $76.04.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ABCB shares. Truist Financial began coverage on Ameris Bancorp in a report on Tuesday, November 25th. They set a “hold” rating and a $80.00 price target on the stock. Keefe, Bruyette & Woods raised their price target on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Piper Sandler set a $84.00 price target on Ameris Bancorp in a report on Wednesday, October 29th. DA Davidson assumed coverage on Ameris Bancorp in a report on Tuesday, November 25th. They issued a “buy” rating and a $87.00 price objective on the stock. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.57.

Ameris Bancorp Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The stock’s 50 day moving average price is $73.87 and its two-hundred day moving average price is $70.13. The firm has a market capitalization of $5.33 billion, a price-to-earnings ratio of 14.97 and a beta of 1.00.

Ameris Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Tuesday, September 30th were paid a $0.20 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Ameris Bancorp’s payout ratio is presently 13.84%.

Ameris Bancorp announced that its Board of Directors has authorized a stock repurchase plan on Monday, October 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. KLP Kapitalforvaltning AS increased its holdings in shares of Ameris Bancorp by 7.0% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 13,720 shares of the bank’s stock worth $890,000 after purchasing an additional 900 shares during the period. Capital Fund Management S.A. acquired a new stake in Ameris Bancorp during the second quarter worth about $1,663,000. Jane Street Group LLC acquired a new stake in Ameris Bancorp during the first quarter worth about $10,528,000. Harbor Capital Advisors Inc. increased its stake in Ameris Bancorp by 16,516.1% during the second quarter. Harbor Capital Advisors Inc. now owns 43,368 shares of the bank’s stock valued at $2,806,000 after acquiring an additional 43,107 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in Ameris Bancorp in the 1st quarter valued at approximately $609,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.