Insider Buying: Ameris Bancorp (NASDAQ:ABCB) Director Purchases $23,783.76 in Stock

Ameris Bancorp (NASDAQ:ABCB) Director William Stern bought 308 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were acquired at an average cost of $77.22 per share, for a total transaction of $23,783.76. Following the purchase, the director owned 47,276 shares of the company’s stock, valued at approximately $3,650,652.72. The trade was a 0.66% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Ameris Bancorp Price Performance

ABCB opened at $77.97 on Friday. The business has a fifty day moving average of $73.96 and a 200 day moving average of $70.24. The stock has a market cap of $5.33 billion, a P/E ratio of 14.97 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 has a 52-week low of $48.27 and a 52-week high of $78.86.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Tuesday, September 30th were issued 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 dividend payout ratio is presently 13.84%.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Ameris Bancorp by 3.0% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 5,231 shares of the bank’s stock worth $384,000 after purchasing an additional 153 shares during the last quarter. SageView Advisory Group LLC raised its holdings in Ameris Bancorp by 2.5% in the first quarter. SageView Advisory Group LLC now owns 7,107 shares of the bank’s stock worth $409,000 after purchasing an additional 176 shares in the last quarter. Lido Advisors LLC lifted its position in shares of Ameris Bancorp by 2.9% during the third quarter. Lido Advisors LLC now owns 6,294 shares of the bank’s stock valued at $463,000 after buying an additional 177 shares during the last quarter. State of Wyoming lifted its position in shares of Ameris Bancorp by 8.3% during the first quarter. State of Wyoming now owns 2,346 shares of the bank’s stock valued at $135,000 after buying an additional 179 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in shares of Ameris Bancorp by 1.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 9,535 shares of the bank’s stock valued at $617,000 after buying an additional 181 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.