Summit Financial LLC Invests $473,000 in ServisFirst Bancshares, Inc. $SFBS

Key Points

• Summit Financial LLC has acquired 5,725 shares of ServisFirst Bancshares, valued at approximately $473,000, according to a recent SEC filing.
• Piper Sandler raised the price target for ServisFirst Bancshares from $84.00 to $90.00, maintaining a "neutral" rating as the consensus target price is $90.50.
• ServisFirst Bancshares reported earnings of $1.21 per share for the latest quarter, exceeding analyst expectations, with revenue of $132.11 million compared to estimates of $140.26 million.

Summit Financial LLC acquired a new stake in shares of ServisFirst Bancshares, Inc. (NYSE:SFBS - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,725 shares of the financial services provider's stock, valued at approximately $473,000.

Several other institutional investors have also made changes to their positions in SFBS. Envestnet Asset Management Inc. boosted its stake in ServisFirst Bancshares by 7.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 164,414 shares of the financial services provider's stock worth $13,581,000 after purchasing an additional 11,194 shares during the period. KBC Group NV boosted its position in shares of ServisFirst Bancshares by 6.0% in the first quarter. KBC Group NV now owns 2,466 shares of the financial services provider's stock worth $204,000 after buying an additional 140 shares during the period. SG Americas Securities LLC purchased a new position in shares of ServisFirst Bancshares during the first quarter valued at $991,000. Bessemer Group Inc. raised its position in ServisFirst Bancshares by 6.4% during the first quarter. Bessemer Group Inc. now owns 21,961 shares of the financial services provider's stock valued at $1,814,000 after buying an additional 1,321 shares during the period. Finally, Principal Financial Group Inc. raised its position in ServisFirst Bancshares by 0.3% during the first quarter. Principal Financial Group Inc. now owns 1,056,878 shares of the financial services provider's stock valued at $87,298,000 after buying an additional 3,405 shares during the period. 67.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ServisFirst Bancshares news, CEO Thomas A. Broughton sold 22,206 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $87.99, for a total transaction of $1,953,905.94. Following the completion of the transaction, the chief executive officer owned 592,588 shares of the company's stock, valued at $52,141,818.12. The trade was a 3.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised their price target on shares of ServisFirst Bancshares from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ServisFirst Bancshares currently has an average rating of "Hold" and a consensus target price of $90.50.

ServisFirst Bancshares Stock Down 0.1%

SFBS traded down $0.05 during midday trading on Friday, hitting $88.30. 174,436 shares of the company's stock traded hands, compared to its average volume of 211,863. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $4.82 billion, a PE ratio of 19.32 and a beta of 0.85. The stock's fifty day simple moving average is $81.58 and its 200-day simple moving average is $78.99. ServisFirst Bancshares, Inc. has a one year low of $66.48 and a one year high of $101.37.

ServisFirst Bancshares (NYSE:SFBS - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.01. The company had revenue of $132.11 million during the quarter, compared to analysts' expectations of $140.26 million. ServisFirst Bancshares had a return on equity of 15.47% and a net margin of 24.62%.During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, equities analysts anticipate that ServisFirst Bancshares, Inc. will post 5.17 earnings per share for the current fiscal year.

ServisFirst Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Tuesday, July 1st were issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, July 1st. ServisFirst Bancshares's dividend payout ratio (DPR) is 29.32%.

About ServisFirst Bancshares

ServisFirst Bancshares, Inc operates as the bank holding company for ServisFirst Bank that provides various banking services to individual and corporate customers. It accepts demand, time, savings, and other deposits; checking, money market, and IRA accounts; and certificates of deposit. The company's loan products include commercial lending products, including seasonal, bridge, and term loans for working capital, expansion of the business, acquisition of property, and plant and equipment, as well as commercial lines of credit; commercial real estate loans, construction and development loans, and residential real estate loans; and consumer loans, such as home equity loans, vehicle financing, loans secured by deposits, and secured and unsecured personal loans.