Ameris Bancorp (NASDAQ:ABCB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Ameris Bancorp (NASDAQ:ABCB) has been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $79.8333.

A number of equities research analysts have recently commented on the company. Raymond James Financial reissued an “outperform” rating and issued a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Piper Sandler set a $84.00 price objective on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Truist Financial set a $83.00 price objective on shares of Ameris Bancorp in a research note on Friday, January 9th. Keefe, Bruyette & Woods lifted 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. Finally, DA Davidson started coverage on shares of Ameris Bancorp in a report on Tuesday, November 25th. They set a “buy” rating and a $87.00 price target on the stock.

Ameris Bancorp Trading Up 2.0%

Shares of NASDAQ ABCB opened at $81.29 on Friday. Ameris Bancorp has a 1 year low of $48.27 and a 1 year high of $83.64. 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 firm has a 50-day moving average of $77.57 and a 200 day moving average of $73.73. The stock has a market cap of $5.55 billion, a P/E ratio of 15.60 and a beta of 0.99.

Ameris Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is currently 13.84%.

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

Institutional Investors Weigh In On Ameris Bancorp

Several institutional investors have recently modified their holdings of the business. True Wealth Design LLC lifted its stake in Ameris Bancorp by 2,311.8% during the 2nd quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock valued at $27,000 after acquiring an additional 393 shares during the period. Sound Income Strategies LLC bought a new position in Ameris Bancorp during the fourth quarter valued at approximately $29,000. Farther Finance Advisors LLC lifted its position in Ameris Bancorp by 73.2% during the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock valued at $32,000 after purchasing an additional 208 shares during the period. Salomon & Ludwin LLC purchased a new stake in Ameris Bancorp in the third quarter worth approximately $33,000. Finally, Allworth Financial LP grew its position in Ameris Bancorp by 1,567.6% in the 2nd quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after purchasing an additional 533 shares during the period. 91.60% of the stock is owned by hedge funds and other 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.