Ameris Bancorp (NASDAQ:ABCB) Now Covered by Piper Sandler

Equities researchers at Piper Sandler assumed coverage on shares of Ameris Bancorp (NASDAQ:ABCB) in a research note issued on Friday. The brokerage set an “overweight” rating and a $74.00 price target on the bank’s stock. Piper Sandler’s price objective would suggest a potential upside of 42.21% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Stephens reissued an “equal weight” rating and issued a $71.00 price objective on shares of Ameris Bancorp in a research note on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Ameris Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $73.33.

Ameris Bancorp Price Performance

ABCB stock opened at $52.04 on Friday. The company’s 50-day moving average price is $61.98 and its two-hundred day moving average price is $63.78. The firm has a market cap of $3.59 billion, a P/E ratio of 9.99 and a beta of 1.02. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 12 month low of $44.23 and a 12 month high of $74.56.

Insider Activity

In other news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ameris Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Ameris Bancorp in the 4th quarter valued at approximately $48,380,000. JPMorgan Chase & Co. grew its stake in shares of Ameris Bancorp by 30.7% in the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock worth $59,570,000 after purchasing an additional 223,805 shares during the last quarter. North Reef Capital Management LP increased its holdings in Ameris Bancorp by 8.9% in the fourth quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank’s stock valued at $158,490,000 after purchasing an additional 208,000 shares during the period. Jennison Associates LLC bought a new position in Ameris Bancorp during the 4th quarter worth $10,856,000. Finally, Point72 Asset Management L.P. lifted its holdings in Ameris Bancorp by 150.3% during the 4th quarter. Point72 Asset Management L.P. now owns 288,300 shares of the bank’s stock worth $18,039,000 after buying an additional 173,106 shares during the period. 91.64% of the stock is currently owned by institutional investors and hedge funds.

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.