Stock Repurchase Program Announced by Ameris Bancorp (NASDAQ:ABCB) Board

Key Points

• Ameris Bancorp has initiated a stock repurchase program, allowing for the buyback of up to $200 million worth of shares, representing about 4% of its outstanding stock.
• The stock currently holds a consensus rating of "Moderate Buy" with an average target price of $72.14, following a buy rating by DA Davidson at a target of $81.00.
• The recent quarterly dividend of $0.20 per share provides a yield of 1.1% with a payout ratio of 14.08%.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) announced that its Board of Directors has approved a share buyback plan on Monday, October 20th, RTT News reports. The company plans to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

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

Ameris Bancorp Stock Performance

Ameris Bancorp stock traded up $1.94 during mid-day trading on Monday, hitting $72.75. The company had a trading volume of 360,277 shares, compared to its average volume of 427,176. 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 12-month low of $48.27 and a 12-month high of $76.58. The company's fifty day moving average is $73.12 and its 200-day moving average is $65.77. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 13.96 and a beta of 0.94.

Ameris Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.20 per share. The ex-dividend date 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 (DPR) is 14.08%.

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.

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