Ameris Bancorp (NASDAQ:ABCB) Reaches New 12-Month High – Still a Buy?

Shares of Ameris Bancorp (NASDAQ:ABCB) reached a new 52-week high on Thursday . The company traded as high as $90.27 and last traded at $90.4020, with a volume of 9093 shares changing hands. The stock had previously closed at $89.32.

Analysts Set New Price Targets

Several brokerages have weighed in on ABCB. Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a research report on Wednesday. Stephens increased their target price on Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Piper Sandler reissued an “overweight” rating and set a $96.00 price target on shares of Ameris Bancorp in a research report on Wednesday. Truist Financial boosted their target price on Ameris Bancorp from $85.00 to $89.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Finally, DA Davidson increased their price target on shares of Ameris Bancorp from $94.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Ameris Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $92.17.

Ameris Bancorp Price Performance

The company has a market cap of $6.12 billion, a P/E ratio of 17.45 and a beta of 0.91. The firm’s 50-day moving average is $85.59 and its two-hundred day moving average is $81.37. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $314.36 million for the quarter, compared to the consensus estimate of $309.58 million. During the same quarter in the prior year, the firm posted $1.28 earnings per share. Analysts anticipate that Ameris Bancorp will post 4.99 earnings per share 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 paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. Ameris Bancorp’s dividend payout ratio (DPR) is 12.58%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Sound Income Strategies LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Ameris Bancorp during the 3rd quarter worth approximately $45,000. Danske Bank A S purchased a new stake in Ameris Bancorp in the 3rd quarter valued at $51,000. Aster Capital Management DIFC Ltd grew its stake in shares of Ameris Bancorp by 395.4% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 748 shares of the bank’s stock valued at $55,000 after buying an additional 597 shares during the period. Finally, Torren Management LLC acquired a new stake in Ameris Bancorp during the fourth quarter worth $76,000. 91.60% of the stock is owned by institutional investors and hedge funds.

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.