Notable Price Action: Could Ameris Bancorp Go Down After Making 52-Week High?

Notable Price Action: Could Ameris Bancorp Go Down After Making 52 Week High?

The stock of Ameris Bancorp (NASDAQ:ABCB) hit a new 52-week high and has $50.94 target or 38.00% above today’s $36.91 share price. The 8 months bullish chart indicates low risk for the $1.27B company. The 1-year high was reported on Nov, 7 by Barchart.com. If the $50.94 price target is reached, the company will be worth $482.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 76,638 shares traded hands. Ameris Bancorp (NASDAQ:ABCB) has risen 27.25% since April 5, 2016 and is uptrending. It has outperformed by 25.29% the S&P500.

Ameris Bancorp (NASDAQ:ABCB) Ratings Coverage

Out of 6 analysts covering Ameris Bancorp (NASDAQ:ABCB), 2 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 33% are positive. $37 is the highest target while $30.50 is the lowest. The $32.90 average target is -10.86% below today’s ($36.91) stock price. Ameris Bancorp has been the topic of 11 analyst reports since August 14, 2015 according to StockzIntelligence Inc. Zacks downgraded Ameris Bancorp (NASDAQ:ABCB) on Monday, August 24 to “Hold” rating. The firm earned “Buy” rating on Wednesday, August 19 by Wood. Wood maintained the stock with “Outperform” rating in Friday, August 14 report. On Wednesday, December 23 the stock rating was maintained by Piper Jaffray with “Overweight”. The firm has “Hold” rating by Sandler O’Neill given on Tuesday, September 27. The company was downgraded on Thursday, October 29 by Keefe Bruyette & Woods. The firm has “Sell” rating by Zacks given on Tuesday, August 18. The company was downgraded on Tuesday, April 26 by Piper Jaffray. The rating was maintained by Cowen & Co with “Outperform” on Monday, November 2.

According to Zacks Investment Research, “ABC Bancorp is a bank holding company.”

Insitutional Activity: The institutional sentiment decreased to 1.26 in 2016 Q2. Its down 0.20, from 1.46 in 2016Q1. The ratio is negative, as 12 funds sold all Ameris Bancorp shares owned while 38 reduced positions. 10 funds bought stakes while 53 increased positions. They now own 26.23 million shares or 5.94% less from 27.89 million shares in 2016Q1.
The New York-based Paradigm Asset Mngmt Lc has invested 0% in Ameris Bancorp (NASDAQ:ABCB). Legal General Group Inc Public Lc owns 4,734 shares or 0% of their US portfolio. Tiaa Cref Inv Mngmt Lc last reported 173,711 shares in the company. Jacobs Asset Management has 6.88% invested in the company for 772,712 shares. Texas Permanent School Fund, a Texas-based fund reported 21,306 shares. Moreover, Pub Sector Pension Board has 0.01% invested in Ameris Bancorp (NASDAQ:ABCB) for 19,600 shares. State Of Wisconsin Invest Board owns 410,770 shares or 0.05% of their US portfolio. Voya Ltd Liability Corp has 0% invested in the company for 18,176 shares. Kennedy Cap Inc has 600,839 shares for 0.36% of their US portfolio. Moreover, Rhumbline Advisers has 0% invested in Ameris Bancorp (NASDAQ:ABCB) for 52,776 shares. Us Retail Bank De has 0% invested in the company for 4,149 shares. American Intl Gru Inc accumulated 24,297 shares or 0% of the stock. Royal Comml Bank Of Canada holds 0% of its portfolio in Ameris Bancorp (NASDAQ:ABCB) for 32,315 shares. Millennium Ltd Liability Corp holds 61,676 shares or 0% of its portfolio. Comm Financial Bank last reported 0% of its portfolio in the stock.

More recent Ameris Bancorp (NASDAQ:ABCB) news were published by: Prnewswire.com which released: “Ameris Bancorp Reports Record Net Income For Third Quarter 2016” on October 17, 2016. Also Prnewswire.com published the news titled: “Ameris Bancorp Signs Definitive Merger Agreement to Acquire Jacksonville …” on October 01, 2015. Nasdaq.com‘s news article titled: “Ameris Bancorp Is Proof Of Life After Banks’ Deaths” with publication date: December 02, 2015 was also an interesting one.

ABCB Company Profile

Ameris Bancorp, incorporated on December 18, 1980, is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Firm operates through four divisions: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division. The Banking Division is engaged in the delivery of financial services, which include commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division is engaged in the origination, sales and servicing of one- to four-family residential mortgage loans. The Warehouse Lending Division is engaged in the origination and servicing of warehouse lines to other businesses that are secured by underlying one- to four-family residential mortgage loans. The SBA Division is engaged in the origination, sales and servicing of small business administration (SBA) loans.

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