Ameris Bancorp (NASDAQ:ABCB) Reaches New 12-Month High – Should You Buy?

Ameris Bancorp (NASDAQ:ABCB)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $79.15 and last traded at $79.45, with a volume of 116022 shares trading hands. The stock had previously closed at $76.87.

Analyst Ratings Changes

ABCB has been the subject of several research analyst reports. Piper Sandler set a $84.00 price target on shares of Ameris Bancorp in a report on Wednesday, October 29th. Keefe, Bruyette & Woods upped their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. DA Davidson assumed coverage on shares of Ameris Bancorp in a report on Tuesday, November 25th. They issued a “buy” rating and a $87.00 price objective for the company. Truist Financial assumed coverage on shares of Ameris Bancorp in a report on Tuesday, November 25th. They set a “hold” rating and a $80.00 target price on the stock. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $80.00 price target (up previously from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Ameris Bancorp has an average rating of “Moderate Buy” and a consensus price target of $78.57.

Ameris Bancorp Trading Up 2.5%

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 company has a market cap of $5.38 billion, a price-to-earnings ratio of 15.11 and a beta of 0.99. The business’s 50-day simple moving average is $75.16 and its 200-day simple moving average is $72.19.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Wednesday, December 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is 13.84%.

Ameris Bancorp declared that its board has approved a stock repurchase plan on Monday, October 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Ameris Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. increased its stake in shares of Ameris Bancorp by 10.8% in the second quarter. American Century Companies Inc. now owns 2,077,359 shares of the bank’s stock valued at $134,405,000 after purchasing an additional 202,165 shares during the period. North Reef Capital Management LP increased its stake in Ameris Bancorp by 4.8% in the 3rd quarter. North Reef Capital Management LP now owns 1,981,061 shares of the bank’s stock valued at $145,232,000 after buying an additional 91,043 shares during the period. Geode Capital Management LLC raised its position in Ameris Bancorp by 0.8% during the second quarter. Geode Capital Management LLC now owns 1,573,486 shares of the bank’s stock valued at $101,815,000 after acquiring an additional 11,909 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Ameris Bancorp by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,436 shares of the bank’s stock worth $92,256,000 after buying an additional 39,478 shares during the last quarter. Finally, Congress Asset Management Co. grew its stake in Ameris Bancorp by 2.8% in the 3rd quarter. Congress Asset Management Co. now owns 969,680 shares of the bank’s stock valued at $71,087,000 after buying an additional 26,639 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Company Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.