Ameris Bancorp (NASDAQ:ABCB) Hits New 1-Year High at $60.92

Ameris Bancorp (NASDAQ:ABCB) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $60.92 and last traded at $60.92, with a volume of 10782 shares changing hands. The stock had previously closed at $60.00.

Analyst Upgrades and Downgrades

ABCB has been the subject of a number of recent analyst reports. Stephens restated an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a report on Friday, April 26th. Piper Sandler boosted their price objective on Ameris Bancorp from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Truist Financial dropped their price objective on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, April 1st. Finally, StockNews.com raised Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

Ameris Bancorp Trading Up 2.1 %

The stock has a market capitalization of $4.23 billion, a P/E ratio of 14.60 and a beta of 1.04. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $50.13 and a 200 day moving average price of $48.77.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Friday, April 26th. The bank reported $1.10 EPS for the quarter, topping the consensus estimate of $1.04 by $0.06. The firm had revenue of $267.27 million during the quarter, compared to analyst estimates of $258.05 million. Ameris Bancorp had a return on equity of 8.62% and a net margin of 18.06%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 EPS. On average, research analysts forecast that Ameris Bancorp will post 4.58 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Sunday, June 30th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.60 annualized dividend and a yield of 0.98%. Ameris Bancorp’s dividend payout ratio (DPR) is 14.60%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its stake in Ameris Bancorp by 75.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock worth $20,153,000 after buying an additional 178,500 shares during the last quarter. Quantbot Technologies LP purchased a new position in Ameris Bancorp during the 1st quarter worth $1,154,000. New York State Common Retirement Fund grew its stake in Ameris Bancorp by 7.0% during the 4th quarter. New York State Common Retirement Fund now owns 276,624 shares of the bank’s stock worth $14,675,000 after buying an additional 18,090 shares during the last quarter. Congress Asset Management Co. MA grew its stake in Ameris Bancorp by 5.5% during the 1st quarter. Congress Asset Management Co. MA now owns 767,156 shares of the bank’s stock worth $37,115,000 after buying an additional 40,323 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Ameris Bancorp by 181.3% during the 1st quarter. BNP Paribas Financial Markets now owns 52,029 shares of the bank’s stock valued at $2,517,000 after purchasing an additional 33,531 shares during the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

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.