Brokerages Set Ameris Bancorp (NASDAQ:ABCB) PT at $78.57

Ameris Bancorp (NASDAQ:ABCB) has earned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $78.5714.

A number of equities analysts recently commented on ABCB shares. DA Davidson began coverage on shares of Ameris Bancorp in a research note on Tuesday, November 25th. They set a “buy” rating and a $87.00 target price for the company. Piper Sandler set a $84.00 price objective on Ameris Bancorp in a research report on Wednesday, October 29th. Keefe, Bruyette & Woods increased their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Truist Financial began coverage on Ameris Bancorp in a research report on Tuesday, November 25th. They set a “hold” rating and a $80.00 target price on the stock. Finally, Raymond James Financial reaffirmed 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.

Institutional Investors Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ABCB. KLP Kapitalforvaltning AS grew its position in Ameris Bancorp by 7.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 13,720 shares of the bank’s stock valued at $890,000 after buying an additional 900 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Ameris Bancorp in the 2nd quarter worth $1,663,000. Jane Street Group LLC acquired a new stake in shares of Ameris Bancorp in the 1st quarter worth $10,528,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Ameris Bancorp by 16,516.1% in the second quarter. Harbor Capital Advisors Inc. now owns 43,368 shares of the bank’s stock valued at $2,806,000 after acquiring an additional 43,107 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of Ameris Bancorp during the first quarter worth about $609,000. 91.60% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Trading Up 0.9%

NASDAQ ABCB opened at $78.65 on Thursday. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $78.99. The firm has a 50 day moving average of $74.03 and a two-hundred day moving average of $70.48. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $5.37 billion, a PE ratio of 15.10 and a beta of 1.00.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Wednesday, December 31st will be issued a $0.20 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. Ameris Bancorp’s dividend payout ratio is presently 13.84%.

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

About Ameris Bancorp

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.