Ameris Bancorp (NASDAQ:ABCB) Hits New 12-Month High - Here's Why

Key Points

• Ameris Bancorp's shares reached a new 52-week high, trading at $75.98, up from a previous close of $73.76, with a trading volume of 159,896 shares.
• DA Davidson set a price target of $81.00 for Ameris Bancorp, which currently has an average rating of "Moderate Buy" from analysts.
• The company declared a quarterly dividend of $0.20 per share, scheduled for payment on October 6th, 2023, with an annualized yield of 1.1%.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $75.98 and last traded at $75.29, with a volume of 159896 shares. The stock had previously closed at $73.76.

Analysts Set New Price Targets

Separately, DA Davidson set a $81.00 target price on shares of Ameris Bancorp and gave the company a "buy" rating in a research report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Ameris Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $72.14.

Ameris Bancorp Stock Down 0.8%

The business has a fifty day moving average price of $70.38 and a two-hundred day moving average price of $63.35. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 14.55 and a beta of 0.97. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, September 30th. Ameris Bancorp's dividend payout ratio (DPR) is 14.08%.

Hedge Funds Weigh In On Ameris Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC boosted its position in shares of Ameris Bancorp by 2,311.8% in the second quarter. True Wealth Design LLC now owns 410 shares of the bank's stock valued at $27,000 after acquiring an additional 393 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Ameris Bancorp by 73.2% in the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank's stock valued at $32,000 after acquiring an additional 208 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Ameris Bancorp in the fourth quarter valued at approximately $37,000. Allworth Financial LP boosted its position in shares of Ameris Bancorp by 1,567.6% in the second quarter. Allworth Financial LP now owns 567 shares of the bank's stock valued at $37,000 after acquiring an additional 533 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Ameris Bancorp by 84.1% in the first quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock valued at $42,000 after acquiring an additional 334 shares during the period. Institutional investors and hedge funds own 91.64% of the company's stock.

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.