Ameris Bancorp (NASDAQ:ABCB) Hits New 1-Year High – Here’s What Happened

Ameris Bancorp (NASDAQ:ABCB)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $92.65 and last traded at $92.4950, with a volume of 43324 shares traded. The stock had previously closed at $90.65.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ABCB shares. Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. DA Davidson raised their target price on shares of Ameris Bancorp from $94.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Stephens boosted their price target on shares of Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 27th. Morgan Stanley raised shares of Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Finally, Piper Sandler cut shares of Ameris Bancorp from an “overweight” rating to a “neutral” rating and set a $96.00 price objective for the company. in a research report on Sunday. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.67.

Ameris Bancorp Stock Up 2.5%

The firm has a 50-day moving average price of $86.93 and a two-hundred day moving average price of $82.57. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 17.83 and a beta of 0.91. 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 (NASDAQ:ABCB) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $314.36 million during the quarter, compared to the consensus estimate of $309.58 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same period in the prior year, the company posted $1.28 earnings per share. On average, sell-side analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Ameris Bancorp’s dividend payout ratio (DPR) is 12.58%.

Institutional Investors Weigh In On Ameris Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Ameris Bancorp by 9.5% during the first quarter. Royal Bank of Canada now owns 29,288 shares of the bank’s stock worth $1,687,000 after purchasing an additional 2,546 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Ameris Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank’s stock worth $2,256,000 after acquiring an additional 1,703 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Ameris Bancorp by 36.7% in the 1st quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank’s stock valued at $671,000 after purchasing an additional 3,129 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Ameris Bancorp in the first quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Ameris Bancorp by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank’s stock worth $10,767,000 after purchasing an additional 13,633 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.