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

Shares of Ameris Bancorp (NASDAQ:ABCB) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $76.68 and last traded at $76.46, with a volume of 94304 shares. The stock had previously closed at $74.25.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Piper Sandler set a $84.00 target price on Ameris Bancorp in a report on Wednesday, October 29th. Truist Financial started coverage on Ameris Bancorp in a research note on Tuesday. They issued a “hold” rating and a $80.00 price objective for the company. DA Davidson assumed coverage on shares of Ameris Bancorp in a research note on Tuesday. They set a “buy” rating and a $87.00 target price on the stock. 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 report on Friday, October 31st. 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 research report 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 data from MarketBeat, Ameris Bancorp has a consensus rating of “Moderate Buy” and an average target price of $78.57.

Ameris Bancorp Price Performance

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 stock’s fifty day moving average is $73.44 and its 200-day moving average is $69.11. The stock has a market cap of $5.20 billion, a PE ratio of 14.60 and a beta of 1.04.

Ameris Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Tuesday, September 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. Ameris Bancorp’s dividend payout ratio is 13.84%.

Ameris Bancorp declared that its board has authorized a share repurchase program on Monday, October 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to purchase up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ABCB. True Wealth Design LLC raised its stake in shares of Ameris Bancorp by 2,311.8% in the 2nd quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock valued at $27,000 after acquiring an additional 393 shares during the period. Farther Finance Advisors LLC raised its position in Ameris Bancorp by 73.2% in the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock valued at $32,000 after purchasing an additional 208 shares during the period. Salomon & Ludwin LLC acquired a new position in Ameris Bancorp during the third quarter worth $33,000. Allworth Financial LP boosted its position in shares of Ameris Bancorp by 1,567.6% during the second quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after buying an additional 533 shares during the period. Finally, Covestor Ltd grew its stake in shares of Ameris Bancorp by 51.5% in the third quarter. Covestor Ltd now owns 547 shares of the bank’s stock valued at $40,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.