Ameris Bancorp (NASDAQ:ABCB) Reaches New 12-Month High – Still a Buy?

Ameris Bancorp (NASDAQ:ABCB)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $79.15 and last traded at $79.45, with a volume of 116022 shares traded. The stock had previously closed at $76.87.

Wall Street Analyst Weigh In

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

Ameris Bancorp Stock Up 2.5%

The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The firm has a 50-day simple moving average of $75.16 and a two-hundred day simple moving average of $72.19. The stock has a market cap of $5.38 billion, a P/E ratio of 15.11 and a beta of 0.99.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Ameris Bancorp’s dividend payout ratio is currently 13.84%.

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

Hedge Funds Weigh In On Ameris Bancorp

Several hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in Ameris Bancorp during the second quarter valued at approximately $53,624,000. Invesco Ltd. boosted its holdings in shares of Ameris Bancorp by 134.7% in the 3rd quarter. Invesco Ltd. now owns 931,911 shares of the bank’s stock valued at $68,318,000 after purchasing an additional 534,830 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Ameris Bancorp by 67.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,218,958 shares of the bank’s stock valued at $78,867,000 after purchasing an additional 490,602 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Ameris Bancorp by 98,682.6% during the 3rd quarter. Bessemer Group Inc. now owns 351,666 shares of the bank’s stock worth $25,780,000 after buying an additional 351,310 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Ameris Bancorp during the 2nd quarter worth $21,850,000. 91.60% of the stock is owned by institutional investors.

Ameris Bancorp Company Profile

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.