Ameris Bancorp (NASDAQ:ABCB) Sets New 1-Year High – Here’s What Happened
by Sarita Garza · The Markets DailyAmeris Bancorp (NASDAQ:ABCB – Get Free Report)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $82.33 and last traded at $82.1310, with a volume of 528013 shares traded. The stock had previously closed at $78.93.
Wall Street Analysts Forecast Growth
A number of analysts have commented on ABCB shares. Truist Financial set a $83.00 price objective on shares of Ameris Bancorp in a report on Friday, January 9th. Keefe, Bruyette & Woods upped their price target on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. DA Davidson assumed coverage on Ameris Bancorp in a report on Tuesday, November 25th. They issued a “buy” rating and a $87.00 price target for the company. Raymond James Financial reissued an “outperform” rating and set a $80.00 price objective (up previously from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Finally, Piper Sandler set a $84.00 target price on Ameris Bancorp in a report on Wednesday, October 29th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.83.
Read Our Latest Research Report on ABCB
Ameris Bancorp Trading Up 4.0%
The stock has a market cap of $5.61 billion, a PE ratio of 15.75 and a beta of 0.99. 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 company’s 50-day moving average price is $76.34 and its 200 day moving average price is $73.14.
Ameris Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Wednesday, December 31st were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio is 13.84%.
Ameris Bancorp declared that its Board of Directors has approved a stock buyback plan on Monday, October 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
Institutional Trading of Ameris Bancorp
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Portside Wealth Group LLC lifted its position in Ameris Bancorp by 13.7% in the fourth quarter. Portside Wealth Group LLC now owns 6,733 shares of the bank’s stock valued at $500,000 after buying an additional 812 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Ameris Bancorp in the 4th quarter valued at approximately $29,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Ameris Bancorp by 9.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 13,407 shares of the bank’s stock worth $996,000 after acquiring an additional 1,181 shares during the last quarter. Nilsine Partners LLC lifted its holdings in shares of Ameris Bancorp by 3.3% in the 4th quarter. Nilsine Partners LLC now owns 66,350 shares of the bank’s stock worth $4,928,000 after acquiring an additional 2,089 shares during the last quarter. Finally, Burns Matteson Capital Management LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter worth approximately $572,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.
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.