Brokerages Set Ameris Bancorp (NASDAQ:ABCB) Price Target at $70.50

Ameris Bancorp (NASDAQ:ABCB) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $70.50.

Several analysts have commented on ABCB shares. Raymond James reaffirmed an “outperform” rating and set a $71.00 price objective (up from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Stephens restated an “equal weight” rating and set a $71.00 price target on shares of Ameris Bancorp in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In related news, insider Douglas D. Strange acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $56.95 per share, with a total value of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This represents a 5.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ameris Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Ameris Bancorp during the fourth quarter worth $48,380,000. JPMorgan Chase & Co. raised its stake in shares of Ameris Bancorp by 30.7% during the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock worth $59,570,000 after buying an additional 223,805 shares during the last quarter. North Reef Capital Management LP raised its stake in shares of Ameris Bancorp by 8.9% during the 4th quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank’s stock worth $158,490,000 after buying an additional 208,000 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Ameris Bancorp in the 4th quarter worth about $10,856,000. Finally, Point72 Asset Management L.P. grew its stake in Ameris Bancorp by 150.3% in the 4th quarter. Point72 Asset Management L.P. now owns 288,300 shares of the bank’s stock valued at $18,039,000 after acquiring an additional 173,106 shares during the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.

Ameris Bancorp Trading Up 0.9 %

NASDAQ ABCB opened at $57.87 on Tuesday. The firm’s fifty day moving average is $63.37 and its two-hundred day moving average is $64.08. Ameris Bancorp has a one year low of $44.23 and a one year high of $74.56. 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 firm has a market cap of $4.00 billion, a PE ratio of 11.11 and a beta of 1.02.

Ameris Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Tuesday, December 31st were paid a $0.20 dividend. The ex-dividend date was Tuesday, December 31st. This is an increase from Ameris Bancorp’s previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.38%. Ameris Bancorp’s payout ratio is 15.36%.

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.