Ameris Bancorp (NASDAQ:ABCB) Hits New 1-Year High – Here’s Why
by Kim Johansen · The Markets DailyAmeris Bancorp (NASDAQ:ABCB – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $85.40 and last traded at $84.4020, with a volume of 23815 shares changing hands. The stock had previously closed at $82.96.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on ABCB shares. Keefe, Bruyette & Woods raised their price objective on Ameris Bancorp from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday. Raymond James Financial restated an “outperform” rating and set a $80.00 target price (up previously from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Stephens upped their price target on shares of Ameris Bancorp from $79.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Monday. Truist Financial increased their price objective on shares of Ameris Bancorp from $83.00 to $86.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Piper Sandler set a $84.00 price objective on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $86.50.
Get Our Latest Research Report on ABCB
Ameris Bancorp Price Performance
The firm has a market cap of $5.87 billion, a P/E ratio of 16.50 and a beta of 0.99. The firm’s fifty day simple moving average is $78.47 and its 200 day simple moving average is $74.39. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02.
Ameris Bancorp (NASDAQ:ABCB – Get Free Report) last issued its earnings results on Thursday, January 29th. The bank reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.03. The firm had revenue of $309.92 million for the quarter, compared to analysts’ expectations of $310.48 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the previous year, the firm posted $1.38 earnings per share. As a group, analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.
Ameris Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio is 13.33%.
Ameris Bancorp announced that its Board of Directors has initiated a stock buyback program on Monday, October 20th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Institutional Investors Weigh In On Ameris Bancorp
Several large investors have recently bought and sold shares of ABCB. GSA Capital Partners LLP raised its stake in Ameris Bancorp by 33.5% during the fourth quarter. GSA Capital Partners LLP now owns 19,510 shares of the bank’s stock valued at $1,449,000 after purchasing an additional 4,899 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Ameris Bancorp by 3.3% during the 4th quarter. ProShare Advisors LLC now owns 12,853 shares of the bank’s stock valued at $955,000 after buying an additional 415 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Ameris Bancorp by 1.6% during the 4th quarter. HighTower Advisors LLC now owns 9,054 shares of the bank’s stock valued at $672,000 after buying an additional 143 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Ameris Bancorp by 3.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,437 shares of the bank’s stock valued at $404,000 after acquiring an additional 206 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its position in Ameris Bancorp by 8.4% in the fourth quarter. Gamco Investors INC. ET AL now owns 52,900 shares of the bank’s stock worth $3,929,000 after acquiring an additional 4,100 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.
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.