AlphaQuest LLC has significantly reduced its stake in ServisFirst Bancshares, Inc., selling 15,856 shares during the third quarter of 2023. This transaction resulted in a 41.4% decrease in AlphaQuest’s holdings, leaving them with 22,488 shares valued at approximately $1,811,000 as reported in their latest filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in ServisFirst Bancshares recently. Notably, Norges Bank acquired a new stake valued at around $47,309,000 during the second quarter. Champlain Investment Partners LLC increased its holdings by 15.7% during the same period, now owning 2,566,528 shares worth $198,932,000, following the acquisition of an additional 349,177 shares.
Additionally, First Trust Advisors LP expanded its investment by 231.6%, bringing its total to 326,702 shares valued at $25,323,000. Sei Investments Co. also increased its stake by 135.3%, owning now 218,074 shares worth $16,903,000 after purchasing an extra 125,378 shares. Jane Street Group LLC entered the picture by acquiring a new stake in the first quarter valued at approximately $7,936,000. Currently, institutional investors own about 67.31% of the company’s stock.
Analysts Upgrade ServisFirst Bancshares Ratings
In recent days, several research analysts have issued reports on ServisFirst Bancshares. On January 22, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. Following this, the Hovde Group raised its rating from “market perform” to “outperform,” setting a price target of $89.00 for the company on December 19.
Piper Sandler also upgraded the stock from “neutral” to “overweight,” maintaining the same price target of $89.00. Weiss Ratings reiterated a “hold (c)” rating on December 29, while Raymond James Financial raised its rating from “outperform” to “strong-buy,” adjusting the target price to $95.00. Currently, the consensus rating stands at “Buy” with an average target price of $91.00, according to data from MarketBeat.
Recent Financial Performance and Stock Overview
As of January 19, 2024, ServisFirst Bancshares shares opened at $81.97. Over the past year, the stock has fluctuated between a low of $66.48 and a high of $93.89. The company has a market capitalization of $4.48 billion and a price-to-earnings ratio of 16.20. Its beta is 0.93, indicating lower volatility compared to the market.
ServisFirst Bancshares last reported its quarterly earnings on January 20, revealing earnings per share (EPS) of $1.58, exceeding analysts’ expectations of $1.38. The company achieved a net margin of 26.95% and a return on equity of 16.36%, with quarterly revenue reaching $162.21 million, surpassing the anticipated $151.82 million.
In addition to its strong earnings report, ServisFirst Bancshares announced an increase in its quarterly dividend, raising it from $0.34 to $0.38 per share. This dividend, paid on January 13 to stockholders of record as of January 2, reflects an annualized dividend of $1.52 and a yield of 1.9%. The company’s dividend payout ratio currently stands at 30.04%.
Based in Birmingham, Alabama, ServisFirst Bancshares serves as the parent company of ServisFirst Bank, focusing on commercial banking services tailored for small and mid-sized businesses, professionals, and entrepreneurs. Its offerings include commercial real estate lending, industrial loans, deposit accounts, and treasury management services.
As the financial landscape continues to evolve, ServisFirst Bancshares remains a key player in the banking sector, attracting attention from both investors and analysts alike.
