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ATLANTA - Ameris Bancorp (NYSE: NYSE:ABCB), the parent company of Ameris Bank, announced today that its board of directors has approved a quarterly dividend. Shareholders of record by September 30, 2024, will receive a dividend of $0.15 per share, scheduled for payment on October 7, 2024.
This financial institution oversees a network of 164 financial centers throughout the Southeast and caters to a national customer base via selected lending channels. As of June 30, 2024, Ameris Bancorp reported managing assets totaling approximately $26.5 billion. The company offers a comprehensive suite of banking services, including traditional banking and lending products, as well as treasury and cash management, insurance premium financing, and mortgage and refinancing services.
The declaration of the dividend follows the company's regular practice of providing returns to its shareholders and reflects its financial health and commitment to delivering shareholder value. Ameris Bancorp's continued operation across a broad geographic area and its diversified financial services portfolio underscore its position in the financial sector.
The information provided in this announcement is based on a press release statement issued by Ameris Bancorp. Shareholders and investors may anticipate the upcoming dividend as a part of their investment returns from the company. It's important to note that the declaration of dividends is a common practice for companies like Ameris Bancorp and is subject to board approval based on the company’s profitability and financial strategy.
Investors in Ameris Bancorp can look to the specified date to ensure they are on record to receive the declared dividend. The company's stock performance and dividend yield are key considerations for investors and analysts monitoring the financial sector, particularly regional banking institutions like Ameris Bancorp.
In other recent news, Ameris Bancorp has demonstrated strong financial performance with a reported net income exceeding $90 million in the second quarter. This was driven by a significant increase in deposits, earning assets, and a diversified loan portfolio that saw growth of over $392 million. Keefe, Bruyette & Woods, a securities firm, has maintained an Outperform rating on Ameris Bancorp, raising the price target to $65.00, reflecting confidence in the financial institution's growth potential.
Stephens, another financial services firm, has also increased its price target for Ameris Bancorp to $64.00, maintaining an Equal Weight rating. This adjustment followed Ameris Bancorp's positive earnings report and consistent asset quality trends. Analysts from both firms have adjusted their earnings estimates for Ameris Bancorp, projecting robust growth in the coming years.
Ameris Bancorp has also made a strategic move to enhance its market visibility by transitioning its stock listing to the New York Stock Exchange. These developments reflect Ameris Bancorp's strong financial position and strategic approach to growth and profitability.
InvestingPro Insights
Ameris Bancorp (NYSE: ABCB) has demonstrated a robust financial performance, as reflected in the recent approval of a quarterly dividend for its shareholders. An InvestingPro analysis provides deeper insights into the company's valuation and profitability metrics that are particularly relevant for investors.
With a market capitalization of $4.48 billion, Ameris Bancorp trades at a P/E ratio of 14.39, which suggests that the stock is priced moderately in relation to the company's earnings. The P/E ratio has remained stable in the last twelve months as of Q2 2024, at 14.41. Despite a high P/E ratio relative to near-term earnings growth, as indicated by an InvestingPro Tip, the company has shown a solid revenue growth of 7.12% over the last twelve months, which may justify the market's valuation.
Ameris Bancorp's consistent dividend payments over the past 11 years underline its commitment to returning value to shareholders. The dividend yield stands at 0.96%, as of the last recorded dividend ex-date on June 28, 2024. This steady dividend payout is complemented by the company's impressive price total return of 63.8% over the past year and a strong return of 30.34% in the last three months.
For those considering an investment in Ameris Bancorp, the InvestingPro platform lists additional tips, including the company's strong return over the last three months and a large price uptick over the last six months. Moreover, analysts predict the company will be profitable this year, a sentiment supported by the fact that the company has been profitable over the last twelve months. In total, there are 10 InvestingPro Tips available for Ameris Bancorp, which provide valuable guidance for both current and potential investors.
As Ameris Bancorp approaches its next earnings date on October 24, 2024, investors will be keen to determine whether the company's financial trajectory aligns with these positive indicators. The InvestingPro Fair Value estimate of $81.57 USD suggests potential upside from the previous close price of $62.58 USD, indicating that the stock may be undervalued at current levels.
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