Leavell Investment Management Reduces Stake in ServisFirst Bancshares

Leavell Investment Management Inc. has decreased its ownership in ServisFirst Bancshares, Inc. (NYSE:SFBS - Free Report) by 5.4% during the third quarter, as revealed in the firm’s latest 13F filing with the Securities and Exchange Commission. Following the sale of 5,510 shares during this period, the institutional investor now holds 96,359 shares of the financial services company's stock. At the close of the most recent reporting quarter, Leavell Investment owned about 0.18% of ServisFirst Bancshares, translating to a value of approximately $7,752,000.

Numerous other hedge funds have also adjusted their positions in SFBS recently. For instance, Quest Partners LLC significantly increased their holdings in ServisFirst Bancshares by 4,880.0% in the second quarter, acquiring a total of 996 shares valued at $63,000 after buying an additional 976 shares. Similarly, GAMMA Investing LLC raised its stake by 138.6% in the third quarter, now owning 921 shares worth $74,000 after an additional purchase of 535 shares.

Point72 Asia Singapore Pte. Ltd. entered the shareholding landscape by acquiring a new position in ServisFirst Bancshares in the second quarter at a valuation of $84,000. Additionally, CIBC Asset Management Inc. increased its stake in the company by 8.7% during the second quarter, resulting in ownership of 3,328 shares valued at $210,000 after purchasing an extra 267 shares in the previous quarter. Bayesian Capital Management LP also acquired a new stake worth $217,000 in the first quarter. Overall, institutional investors and hedge funds cumulatively own 67.31% of the stock.

Insider Trading Activities

In related news, COO Rodney Eldon Rushing sold 12,000 shares of the company's stock on September 18th for an average price of $80.58, totaling approximately $966,960. Following this transaction, Rushing retained ownership of 307,837 shares valued at around $24,805,505.46, indicating no change in their ownership percentage after the sale. This transaction was officially disclosed in a submission to the SEC. Additionally, Senior Vice President Henry Fulbrook Abbott sold 1,000 shares on October 24th at an average price of $85.20, totaling $85,200. Post-transaction, Abbott holds 8,501 shares in the company valued at $724,285.20. Company insiders own about 7.40% of the stock.

Analyst Ratings and Predictions

Various equity analysts have provided their assessments on the stock. For instance, the Hovde Group increased their price target for ServisFirst Bancshares from $80.00 to $91.00 and assigned a "market perform" rating in a report dated October 22nd. Similarly, Piper Sandler raised its price objectives from $76.00 to $79.00, giving the company a "neutral" rating in recent notes.

Stock Performance Overview

As of Friday, shares of SFBS opened at $96.10. The company boasts a market capitalization of $5.24 billion, a price-to-earnings ratio of 25.69, and a beta of 0.86. The stock reached a one-year low of $46.06 and a high of $98.00. Its 50-day simple moving average is at $82.17, while the 200-day average rests at $72.76. The financial ratios reflect a debt-to-equity ratio of 0.04, alongside both quick and current ratios of 0.95.

ServisFirst Bancshares last reported its earnings results on October 21st. The company announced earnings per share (EPS) of $1.10 for the quarter, exceeding the market expectations of $0.97 by $0.13. ServisFirst Bancshares also showcased a return on equity of 14.23% and a net margin of 21.16%. Total revenue for the quarter stood at $256.53 million, significantly higher than analysts' predicted revenue of $120.70 million. For reference, the firm recorded an EPS of $0.98 during the same quarter last year. Analysts forecast that ServisFirst Bancshares, Inc. will report earnings per share of 4.09 for the current fiscal year.

Dividend Declarations

The company recently announced a quarterly dividend, which was paid out on October 8th. Shareholders on record as of October 1st received a dividend of $0.30 per share. The ex-dividend date for this payout was also October 1st, indicating an annualized dividend of $1.20 and a yield of 1.25%. The current dividend payout ratio stands at 32.09%.

About ServisFirst Bancshares

ServisFirst Bancshares, Inc operates as a bank holding company for ServisFirst Bank, offering a variety of banking services to both individual and corporate clients. The bank accepts various types of deposits, including demand, time, savings, and checking accounts, along with certificates of deposit. Its loan products encompass commercial lending options such as seasonal, bridge, and term loans aimed at working capital, expansion, property acquisition, and equipment financing. Additionally, the company provides commercial real estate loans, construction loans, residential real estate loans, as well as consumer loans, including home equity loans, vehicle financing, and personal loans.

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