Ameris Bancorp (NASDAQ:ABCB) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Ameris Bancorp (NASDAQ:ABCB) has received a consensus rating of "Buy" from analysts, with one hold, five buy, and one strong buy recommendations.
• The company has initiated a $200 million share buyback program, suggesting that its leadership believes the stock is undervalued.
• Ameris Bancorp declared a quarterly dividend of $0.20 per share, translating to an annual yield of 1.1% and a payout ratio of 14.08%.

Shares of Ameris Bancorp (NASDAQ:ABCB - Get Free Report) have been assigned a consensus rating of "Buy" from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $72.1429.

Separately, DA Davidson raised shares of Ameris Bancorp to a "strong-buy" rating in a research note on Monday.

Ameris Bancorp Stock Performance

NASDAQ:ABCB opened at $73.29 on Wednesday. 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 fifty-two week low of $48.27 and a fifty-two week high of $76.58. The stock has a market cap of $5.03 billion, a PE ratio of 14.07 and a beta of 0.94. The firm's fifty day simple moving average is $73.18 and its 200-day simple moving average is $65.82.

Ameris Bancorp declared that its board has authorized a share buyback program on Monday, October 20th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Ameris Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. Ameris Bancorp's dividend payout ratio is 14.08%.

Hedge Funds Weigh In On Ameris Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ameris Bancorp by 7.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,479 shares of the bank's stock worth $776,000 after purchasing an additional 922 shares during the period. KLP Kapitalforvaltning AS grew its stake 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 acquiring an additional 900 shares during the last quarter. Foundry Partners LLC grew its stake in Ameris Bancorp by 53.5% in the 1st quarter. Foundry Partners LLC now owns 110,911 shares of the bank's stock valued at $6,385,000 after acquiring an additional 38,650 shares during the last quarter. KBC Group NV grew its stake in Ameris Bancorp by 8.8% in the 1st quarter. KBC Group NV now owns 3,251 shares of the bank's stock valued at $187,000 after acquiring an additional 264 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in Ameris Bancorp in the 1st quarter valued at about $517,000. 91.64% of the stock is 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.

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