Ameris Bancorp (NASDAQ:ABCB) Reaches New 1-Year High – Here’s Why

Ameris Bancorp (NASDAQ:ABCB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.99 and last traded at $87.4360, with a volume of 100753 shares trading hands. The stock had previously closed at $86.58.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ABCB. Stephens increased their target price on Ameris Bancorp from $87.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods increased their target price on Ameris Bancorp from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Truist Financial increased their target price on Ameris Bancorp from $85.00 to $89.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Raymond James Financial reiterated an “outperform” rating and set a $92.00 target price on shares of Ameris Bancorp in a research report on Monday, April 27th. Finally, DA Davidson raised their price objective on Ameris Bancorp from $94.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.17.

Ameris Bancorp Stock Up 0.8%

The business has a fifty day simple moving average of $79.86 and a two-hundred day simple moving average of $78.14. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $5.96 billion, a PE ratio of 16.75 and a beta of 0.93.

Ameris Bancorp (NASDAQ:ABCB) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The company had revenue of $314.36 million for the quarter, compared to analyst estimates of $309.58 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same quarter last year, the firm posted $1.28 EPS. As a group, equities research analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 6th. Shareholders of record on Tuesday, March 31st were issued a $0.20 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 12.58%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABCB. Sound Income Strategies LLC purchased a new position in Ameris Bancorp in the 4th quarter valued at $29,000. Covestor Ltd raised its holdings in shares of Ameris Bancorp by 51.5% during the 3rd quarter. Covestor Ltd now owns 547 shares of the bank’s stock worth $40,000 after acquiring an additional 186 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in shares of Ameris Bancorp during the 3rd quarter worth $45,000. Danske Bank A S purchased a new position in shares of Ameris Bancorp during the 3rd quarter worth $51,000. Finally, Aster Capital Management DIFC Ltd raised its holdings in shares of Ameris Bancorp by 395.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 748 shares of the bank’s stock worth $55,000 after acquiring an additional 597 shares during the period. 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.