Ameris Bancorp (NASDAQ:ABCB) Hits New 1-Year High – Still a Buy?

Ameris Bancorp (NASDAQ:ABCB)’s share price hit a new 52-week high during trading on Thursday . The company 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.

Analyst Upgrades and Downgrades

ABCB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised 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. DA Davidson started coverage on shares of Ameris Bancorp in a report on Tuesday, November 25th. They issued a “buy” rating and a $87.00 price target on the stock. Piper Sandler set a $84.00 price objective on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Raymond James Financial reiterated an “outperform” rating and set a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a report on Wednesday, October 29th. Finally, Truist Financial set a $83.00 price target on Ameris Bancorp in a report on Friday. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Ameris Bancorp Trading Up 0.1%

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 50 day moving average is $75.45 and its 200-day moving average is $72.35. The company has a market capitalization of $5.40 billion, a P/E ratio of 15.18 and a beta of 0.99.

Ameris Bancorp Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is presently 13.84%.

Ameris Bancorp declared that its Board of Directors has approved a stock repurchase plan on Monday, October 20th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ABCB. American Century Companies Inc. grew its holdings in Ameris Bancorp by 10.8% in the second quarter. American Century Companies Inc. now owns 2,077,359 shares of the bank’s stock worth $134,405,000 after purchasing an additional 202,165 shares during the period. North Reef Capital Management LP grew its stake in shares of Ameris Bancorp by 4.8% in the 3rd quarter. North Reef Capital Management LP now owns 1,981,061 shares of the bank’s stock worth $145,232,000 after buying an additional 91,043 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Ameris Bancorp by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,573,486 shares of the bank’s stock worth $101,815,000 after buying an additional 11,909 shares during the last quarter. JPMorgan Chase & Co. increased its position in Ameris Bancorp by 3.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,436 shares of the bank’s stock valued at $92,256,000 after buying an additional 39,478 shares in the last quarter. Finally, Congress Asset Management Co. raised its stake in Ameris Bancorp by 2.8% during the fourth quarter. Congress Asset Management Co. now owns 996,786 shares of the bank’s stock valued at $74,031,000 after buying an additional 27,106 shares during the last quarter. 91.60% of the stock is currently owned by 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.