Analysts Set Ameris Bancorp (NASDAQ:ABCB) Price Target at $70.50

Ameris Bancorp (NASDAQ:ABCB) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $70.50.

ABCB has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price target on shares of Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Stephens reiterated an “equal weight” rating and issued a $71.00 target price on shares of Ameris Bancorp in a research note on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd.

Ameris Bancorp Stock Down 1.6 %

ABCB opened at $55.57 on Tuesday. The business has a 50 day moving average of $63.65 and a 200-day moving average of $64.14. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 10.67 and a beta of 1.02. 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 1-year low of $44.22 and a 1-year high of $74.56.

Ameris Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Tuesday, December 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from Ameris Bancorp’s previous quarterly dividend of $0.15. Ameris Bancorp’s dividend payout ratio is 15.36%.

Insider Buying and Selling at Ameris Bancorp

In related news, insider Douglas D. Strange acquired 1,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $56.95 per share, with a total value of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. The trade was a 5.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ameris Bancorp

Hedge funds have recently made changes to their positions in the company. North Reef Capital Management LP increased its holdings in shares of Ameris Bancorp by 8.9% during the fourth quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank’s stock worth $158,490,000 after buying an additional 208,000 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock valued at $78,829,000 after purchasing an additional 55,473 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Ameris Bancorp by 30.7% during the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock valued at $59,570,000 after purchasing an additional 223,805 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ameris Bancorp by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 917,396 shares of the bank’s stock valued at $57,401,000 after purchasing an additional 10,256 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Ameris Bancorp by 1.4% in the third quarter. Victory Capital Management Inc. now owns 863,294 shares of the bank’s stock worth $53,861,000 after purchasing an additional 12,054 shares in the last quarter. 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.