Ameris Bancorp (NASDAQ:ABCB) Reaches New 52-Week High – Should You Buy?

Ameris Bancorp (NASDAQ:ABCB) reached a new 52-week high on Wednesday . The stock traded as high as $91.52 and last traded at $91.7090, with a volume of 92013 shares traded. The stock had previously closed at $90.26.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial lifted their price target on Ameris Bancorp from $85.00 to $89.00 and gave the company a “hold” rating in a report on Monday, April 27th. Morgan Stanley raised shares of Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday. Stephens upped their price target on shares of Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Finally, DA Davidson increased their price target on shares of Ameris Bancorp from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.17.

Ameris Bancorp Trading Up 1.9%

The company has a market capitalization of $6.19 billion, a PE ratio of 17.64 and a beta of 0.91. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The business has a fifty day moving average price of $85.85 and a 200 day moving average price of $81.59.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The business had revenue of $314.36 million during the quarter, compared to analysts’ expectations of $309.58 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same quarter in the previous year, the business earned $1.28 EPS. Analysts expect that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Ameris Bancorp’s payout ratio is currently 12.58%.

Hedge Funds Weigh In On Ameris Bancorp

Hedge funds have recently made changes to their positions in the business. Sound Income Strategies LLC acquired a new position in shares of Ameris Bancorp during the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new stake in Ameris Bancorp in the 3rd quarter valued at $45,000. Danske Bank A S acquired a new stake in Ameris Bancorp in the 3rd quarter valued at $51,000. Aster Capital Management DIFC Ltd raised its position in Ameris Bancorp by 395.4% in the third quarter. Aster Capital Management DIFC Ltd now owns 748 shares of the bank’s stock valued at $55,000 after purchasing an additional 597 shares during the period. Finally, Torren Management LLC purchased a new position in Ameris Bancorp in the fourth quarter valued at about $76,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

About Ameris Bancorp

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.