Brokerages Set Ameris Bancorp (NASDAQ:ABCB) Price Target at $77.33

Ameris Bancorp (NASDAQ:ABCB) has been assigned an average recommendation of “Buy” from the six research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $77.3333.

A number of equities research analysts recently issued reports on ABCB shares. Piper Sandler set a $84.00 price target on Ameris Bancorp in a research note on Wednesday, October 29th. Keefe, Bruyette & Woods lifted their target price on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Raymond James Financial restated an “outperform” rating and issued a $80.00 price target (up from $73.00) on shares of Ameris Bancorp in a report on Wednesday, October 29th. Finally, DA Davidson upgraded shares of Ameris Bancorp to a “strong-buy” rating in a report on Monday, October 20th.

Institutional Investors Weigh In On Ameris Bancorp

Several hedge funds have recently made changes to their positions in ABCB. True Wealth Design LLC increased its stake in shares of Ameris Bancorp by 2,311.8% during the second quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock valued at $27,000 after buying an additional 393 shares during the period. Farther Finance Advisors LLC grew its holdings in Ameris Bancorp by 73.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock worth $32,000 after acquiring an additional 208 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in Ameris Bancorp during the 3rd quarter valued at about $33,000. Allworth Financial LP raised its holdings in shares of Ameris Bancorp by 1,567.6% in the 2nd quarter. Allworth Financial LP now owns 567 shares of the bank’s stock valued at $37,000 after purchasing an additional 533 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Ameris Bancorp by 51.5% in the 3rd quarter. Covestor Ltd now owns 547 shares of the bank’s stock valued at $40,000 after purchasing an additional 186 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

Shares of NASDAQ:ABCB opened at $71.80 on Friday. 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 has a 12 month low of $48.27 and a 12 month high of $76.58. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 13.78 and a beta of 1.04. The firm’s 50-day moving average is $73.45 and its 200 day moving average is $68.58.

Ameris Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 6th. Investors of record on Tuesday, September 30th were issued a $0.20 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. Ameris Bancorp’s payout ratio is presently 13.84%.

Ameris Bancorp declared that its Board of Directors has initiated a stock repurchase program on Monday, October 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.