Ameris Bancorp (NASDAQ:ABCB) Hits New 12-Month High – Time to Buy?

Ameris Bancorp (NASDAQ:ABCB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company 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

ABCB has been the topic of several research analyst reports. Piper Sandler set a $84.00 price objective on Ameris Bancorp in a report on Wednesday, October 29th. DA Davidson started 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. Keefe, Bruyette & Woods upped their target price on shares of Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Truist Financial initiated coverage on Ameris Bancorp in a research report on Tuesday, November 25th. They set a “hold” rating and a $80.00 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 report 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, the company has a consensus rating of “Moderate Buy” and an average target price of $78.57.

Ameris Bancorp Stock Up 2.4%

The business has a 50 day moving average of $73.68 and a 200-day moving average of $70.01. The stock has a market cap of $5.32 billion, a PE ratio of 14.94 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

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 paid a dividend of $0.20 per share. The ex-dividend date of this dividend 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 13.84%.

Ameris Bancorp declared that its Board of Directors has authorized a stock repurchase program on Monday, October 20th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Ameris Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in ABCB. Envestnet Portfolio Solutions Inc. increased its holdings in Ameris Bancorp by 3.0% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 5,231 shares of the bank’s stock valued at $384,000 after acquiring an additional 153 shares in the last quarter. SageView Advisory Group LLC increased its position in Ameris Bancorp by 2.5% during the first quarter. SageView Advisory Group LLC now owns 7,107 shares of the bank’s stock worth $409,000 after buying an additional 176 shares in the last quarter. Lido Advisors LLC increased its position in Ameris Bancorp by 2.9% during the 3rd quarter. Lido Advisors LLC now owns 6,294 shares of the bank’s stock worth $463,000 after purchasing an additional 177 shares in the last quarter. State of Wyoming raised its stake in Ameris Bancorp by 8.3% in the 1st quarter. State of Wyoming now owns 2,346 shares of the bank’s stock valued at $135,000 after purchasing an additional 179 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in 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 purchasing an additional 181 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

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.