Ameris Bancorp (NASDAQ:ABCB) Upgraded to "Strong-Buy" at DA Davidson

Key Points

• Ameris Bancorp was upgraded to a "strong-buy" rating by DA Davidson, indicating positive investor sentiment and confidence in the company's future performance.
• The company announced a $200 million share buyback plan, suggesting that its board believes the current stock price is undervalued.
• As of now, institutional investors and hedge funds own 91.64% of Ameris Bancorp's stock, reflecting strong institutional interest in the company.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) was upgraded by DA Davidson to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

Ameris Bancorp Stock Up 2.7%

Shares of ABCB opened at $72.75 on Monday. The firm has a market capitalization of $4.99 billion, a price-to-earnings ratio of 13.96 and a beta of 0.94. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The business's fifty day moving average price is $73.12 and its two-hundred day moving average price is $65.77. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $76.58.

Ameris Bancorp declared that its Board of Directors has approved a share buyback plan on Monday, October 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. SageView Advisory Group LLC lifted its stake in shares of Ameris Bancorp by 2.5% in the 1st quarter. SageView Advisory Group LLC now owns 7,107 shares of the bank's stock valued at $409,000 after purchasing an additional 176 shares during the period. State of Wyoming lifted its stake in shares of Ameris Bancorp by 8.3% in the 1st quarter. State of Wyoming now owns 2,346 shares of the bank's stock valued at $135,000 after purchasing an additional 179 shares during the period. Verdence Capital Advisors LLC lifted its stake in shares of Ameris Bancorp by 1.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 9,535 shares of the bank's stock valued at $617,000 after purchasing an additional 181 shares during the period. Inspire Investing LLC lifted its stake in shares of Ameris Bancorp by 3.0% in the 3rd quarter. Inspire Investing LLC now owns 6,183 shares of the bank's stock valued at $453,000 after purchasing an additional 181 shares during the period. Finally, Yousif Capital Management LLC lifted its stake in shares of Ameris Bancorp by 0.8% in the 2nd quarter. Yousif Capital Management LLC now owns 24,303 shares of the bank's stock valued at $1,572,000 after purchasing an additional 187 shares during the period. 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.

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