Ameris Bancorp (NASDAQ:ABCB) Price Target Raised to $74.00

Ameris Bancorp (NASDAQ:ABCB - Free Report) had its price objective hoisted by Piper Sandler Companies to $74.00 in a research note published on Monday morning,Stock Target Advisor reports. The brokerage currently has a buy rating on the bank's stock.

Several other equities analysts have also weighed in on ABCB. Raymond James restated an "outperform" rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Stephens reissued an "equal weight" rating and issued a $71.00 price target on shares of Ameris Bancorp in a report on Friday, January 31st. Finally, Piper Sandler started coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They set an "overweight" rating and a $74.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $73.43.

Ameris Bancorp Stock Performance

Shares of ABCB stock traded up $0.26 on Monday, hitting $51.38. The company had a trading volume of 606,067 shares, compared to its average volume of 381,685. Ameris Bancorp has a twelve month low of $44.23 and a twelve month high of $74.56. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market cap of $3.55 billion, a P/E ratio of 9.86 and a beta of 0.87. The company has a 50-day moving average price of $59.84 and a 200-day moving average price of $63.16.

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Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's dividend payout ratio (DPR) is currently 15.36%.

Insider Activity at Ameris Bancorp

In related news, insider Douglas D. Strange bought 1,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $56.95 per share, with a total value of $56,950.00. Following the completion of the transaction, the insider now directly owns 19,403 shares of the company's stock, valued at $1,105,000.85. This represents a 5.43 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ameris Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Picton Mahoney Asset Management raised its holdings in shares of Ameris Bancorp by 2,436.8% in the 4th quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock valued at $30,000 after buying an additional 463 shares during the period. Park Square Financial Group LLC purchased a new stake in Ameris Bancorp during the 4th quarter worth approximately $37,000. Versant Capital Management Inc boosted its position in Ameris Bancorp by 84.1% in the 1st quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock valued at $42,000 after buying an additional 334 shares during the period. R Squared Ltd purchased a new position in Ameris Bancorp in the 4th quarter valued at approximately $51,000. Finally, Blue Trust Inc. grew its stake in shares of Ameris Bancorp by 56.1% in the fourth quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock worth $69,000 after acquiring an additional 400 shares in the last quarter. 91.64% of the stock is owned by hedge funds and other institutional investors.

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.