Ameris Bancorp (NASDAQ:ABCB) Hits New 12-Month High – What’s Next?

Ameris Bancorp (NASDAQ:ABCB)’s share price reached a new 52-week high on Thursday . The stock traded as high as $77.43 and last traded at $77.49, with a volume of 88872 shares traded. The stock had previously closed at $76.71.

Analyst Upgrades and Downgrades

Several research firms recently commented on ABCB. Raymond James Financial restated an “outperform” rating and set a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Keefe, Bruyette & Woods boosted their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Truist Financial assumed coverage on shares of Ameris Bancorp in a research report on Tuesday, November 25th. They issued a “hold” rating and a $80.00 price objective on the stock. DA Davidson began coverage on shares of Ameris Bancorp in a research report on Tuesday, November 25th. They set a “buy” rating and a $87.00 target price for the company. Finally, Piper Sandler set a $84.00 price target 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 issued a Hold rating to the company’s stock. According to MarketBeat, Ameris Bancorp presently has an average rating of “Moderate Buy” and an average target price of $78.57.

Ameris Bancorp Trading Up 0.4%

The firm’s 50-day simple moving average is $73.50 and its 200-day simple moving average is $69.55. The firm has a market capitalization of $5.26 billion, a PE ratio of 14.80 and a beta of 1.00. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 30th. Ameris Bancorp’s dividend payout ratio (DPR) is 13.84%.

Ameris Bancorp announced that its Board of Directors has initiated a share repurchase program on Monday, October 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Ameris Bancorp

Institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in Ameris Bancorp by 10.8% in the second quarter. American Century Companies Inc. now owns 2,077,359 shares of the bank’s stock worth $134,405,000 after purchasing an additional 202,165 shares during the period. North Reef Capital Management LP boosted its stake in Ameris Bancorp by 4.8% during 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 purchasing an additional 91,043 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 buying an additional 11,909 shares during the last quarter. JPMorgan Chase & Co. grew 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 acquiring an additional 39,478 shares during the period. Finally, Nuveen LLC purchased a new stake in Ameris Bancorp during the 1st quarter valued at $56,202,000. 91.60% of the stock is owned by institutional investors.

Ameris Bancorp Company Profile

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.