Ameris Bancorp (NASDAQ:ABCB) Reaches New 52-Week High After Dividend Announcement

Ameris Bancorp (NASDAQ:ABCB)’s share price reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $78.99 and last traded at $78.6480, with a volume of 541860 shares. The stock had previously closed at $77.95.

The newly announced dividend which will be paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 31st. Ameris Bancorp’s payout ratio is currently 13.84%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABCB shares. Truist Financial initiated coverage on shares of Ameris Bancorp in a research report on Tuesday, November 25th. They set a “hold” rating and a $80.00 price target for the company. DA Davidson initiated coverage on shares of Ameris Bancorp in a research report on Tuesday, November 25th. They set a “buy” rating and a $87.00 target price for the company. Raymond James Financial reaffirmed 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. Keefe, Bruyette & Woods lifted their price target on shares of Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Finally, Piper Sandler set a $84.00 price objective on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $78.57.

Ameris Bancorp Trading Down 0.6%

The stock has a 50 day moving average of $74.16 and a 200-day moving average of $70.64. The company has a market capitalization of $5.28 billion, a P/E ratio of 14.84 and a beta of 1.00. 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 declared that its board has authorized a share buyback program on Monday, October 20th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the bank to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Ameris Bancorp

Several institutional investors and hedge funds have recently modified their holdings of ABCB. True Wealth Design LLC boosted its holdings in Ameris Bancorp by 2,311.8% in the 2nd quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock worth $27,000 after buying an additional 393 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Ameris Bancorp by 73.2% in the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock valued at $32,000 after acquiring an additional 208 shares in the last quarter. Salomon & Ludwin LLC bought a new position in shares of Ameris Bancorp in the third quarter worth about $33,000. Allworth Financial LP boosted its stake in shares of Ameris Bancorp by 1,567.6% in the second quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after acquiring an additional 533 shares during the period. Finally, Covestor Ltd grew its position in shares of Ameris Bancorp by 51.5% during the third quarter. Covestor Ltd now owns 547 shares of the bank’s stock worth $40,000 after purchasing an additional 186 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

About Ameris Bancorp

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.