Ameris Bancorp (NASDAQ:ABCB) Hits New 1-Year High – Here’s What Happened

Ameris Bancorp (NASDAQ:ABCB)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $91.52 and last traded at $91.7090, with a volume of 92013 shares traded. The stock had previously closed at $90.26.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Truist Financial increased their price target on shares of Ameris Bancorp from $85.00 to $89.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Morgan Stanley upgraded shares of Ameris Bancorp to an “overweight” rating in a report on Wednesday, June 24th. Piper Sandler restated an “overweight” rating and issued a $96.00 price objective on shares of Ameris Bancorp in a report on Wednesday, June 24th. DA Davidson raised their target price on shares of Ameris Bancorp from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Raymond James Financial lowered shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $92.17.

Ameris Bancorp Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average price of $86.08 and a two-hundred day moving average price of $81.77. The stock has a market capitalization of $6.06 billion, a P/E ratio of 17.27 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $314.36 million during the quarter, compared to analyst estimates of $309.58 million. During the same quarter in the previous year, the firm earned $1.28 EPS. On average, analysts expect that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.80 annualized dividend and a yield of 0.9%. Ameris Bancorp’s payout ratio is 12.58%.

Institutional Investors Weigh In On Ameris Bancorp

A number of institutional investors have recently made changes to their positions in ABCB. Royal Bank of Canada raised its holdings in Ameris Bancorp by 9.5% in the 1st quarter. Royal Bank of Canada now owns 29,288 shares of the bank’s stock worth $1,687,000 after acquiring an additional 2,546 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ameris Bancorp by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank’s stock worth $2,256,000 after purchasing an additional 1,703 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Ameris Bancorp by 36.7% in the 1st quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank’s stock worth $671,000 after purchasing an additional 3,129 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Ameris Bancorp in the first quarter worth $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Ameris Bancorp by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank’s stock worth $10,767,000 after purchasing an additional 13,633 shares during the last quarter. Hedge funds and other 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.