Ameris Bancorp (NASDAQ:ABCB) Hits New 52-Week High – Time to Buy?

Ameris Bancorp (NASDAQ:ABCB)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $85.40 and last traded at $84.4020, with a volume of 23815 shares. The stock had previously closed at $82.96.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ABCB. DA Davidson set a $94.00 price target on Ameris Bancorp in a report on Monday. Stephens increased their target price on shares of Ameris Bancorp from $79.00 to $87.00 and gave the company an “equal weight” rating in a research note on Monday. Raymond James Financial restated an “outperform” rating and issued a $80.00 target price (up previously from $73.00) on shares of Ameris Bancorp in a report on Wednesday, October 29th. Truist Financial upped their price target on shares of Ameris Bancorp from $83.00 to $86.00 and gave the company a “hold” rating in a report on Monday. Finally, Piper Sandler set a $84.00 target price on Ameris Bancorp in a research report on Wednesday, October 29th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $86.50.

Ameris Bancorp Stock Up 1.7%

The company’s 50 day moving average is $77.95 and its 200 day moving average is $74.12. The company has a market cap of $5.76 billion, a PE ratio of 16.19 and a beta of 0.99. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Thursday, January 29th. The bank reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.03. The business had revenue of $309.92 million for the quarter, compared to the consensus estimate of $310.48 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same period in the prior year, the firm earned $1.38 EPS. As a group, analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is presently 13.33%.

Ameris Bancorp announced that its Board of Directors has authorized a share buyback plan on Monday, October 20th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Ameris Bancorp

Institutional investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS raised its holdings in Ameris Bancorp by 7.0% in the second quarter. KLP Kapitalforvaltning AS now owns 13,720 shares of the bank’s stock worth $890,000 after purchasing an additional 900 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in shares of Ameris Bancorp by 16.8% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 394,563 shares of the bank’s stock worth $28,925,000 after acquiring an additional 56,852 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in Ameris Bancorp during the second quarter valued at approximately $1,663,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Ameris Bancorp by 17.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 86,422 shares of the bank’s stock valued at $6,336,000 after acquiring an additional 13,129 shares during the last quarter. Finally, Congress Asset Management Co. boosted its stake in Ameris Bancorp by 2.8% in the third quarter. Congress Asset Management Co. now owns 969,680 shares of the bank’s stock valued at $71,087,000 after acquiring an additional 26,639 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.