Ameris Bancorp (NASDAQ:ABCB) Stock Rating Upgraded by DA Davidson

Ameris Bancorp (NASDAQ:ABCB) was upgraded by stock analysts at DA Davidson to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Ameris Bancorp Trading Up 1.0%

NASDAQ ABCB opened at $73.29 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a one year low of $48.27 and a one year high of $76.58. The company’s 50 day moving average price is $73.18 and its 200 day moving average price is $65.82. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 14.07 and a beta of 0.94.

Ameris Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 20th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the bank to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Ameris Bancorp

Large investors have recently bought and sold shares of the company. True Wealth Design LLC grew its position in Ameris Bancorp by 2,311.8% in the second quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock valued at $27,000 after acquiring an additional 393 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Ameris Bancorp by 73.2% during the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock worth $32,000 after buying an additional 208 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Ameris Bancorp during the third quarter worth approximately $33,000. Allworth Financial LP grew its position in shares of Ameris Bancorp by 1,567.6% during the second quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after buying an additional 533 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in shares of Ameris Bancorp during the second quarter worth approximately $68,000. Institutional investors and hedge funds own 91.64% of the company’s stock.

Ameris Bancorp Company Profile

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.