ServisFirst Bancshares Inc. (SFBS) Sees Strong Trading Volume After Better-Than-Expected Earnings
ServisFirst Bancshares Inc. (NASDAQ:SFBS) saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 79,903 shares traded hands during trading, an increase of 25% from the previous session’s volume of 63,958 shares.The stock last traded at $51.60 and had previously closed at $51.80.
The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.06. ServisFirst Bancshares had a net margin of 34.23% and a return on equity of 15.77%.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Tuesday, October 4th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.62%. ServisFirst Bancshares’s payout ratio is 11.76%.
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SFBS has been the subject of several recent research reports. Zacks Investment Research lowered shares of ServisFirst Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd. Raymond James Financial Inc. reiterated a “market perform” rating on shares of ServisFirst Bancshares in a research note on Tuesday. Finally, Hovde Group boosted their target price on shares of ServisFirst Bancshares from $55.00 to $55.50 and gave the company a “market perform” rating in a research note on Tuesday.
In other news, EVP Andrew N. Kattos sold 4,259 shares of the company’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $52.46, for a total transaction of $223,427.14. Following the completion of the transaction, the executive vice president now owns 127,597 shares in the company, valued at $6,693,738.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew N. Kattos sold 11,741 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $52.39, for a total transaction of $615,110.99. Following the transaction, the executive vice president now owns 128,259 shares of the company’s stock, valued at approximately $6,719,489.01. The disclosure for this sale can be found here. Company insiders own 14.28% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors raised its position in ServisFirst Bancshares by 147.9% in the second quarter. BlackRock Fund Advisors now owns 1,403,955 shares of the financial services provider’s stock valued at $69,341,000 after buying an additional 837,607 shares in the last quarter. Royal Bank of Canada raised its position in ServisFirst Bancshares by 569.9% in the second quarter. Royal Bank of Canada now owns 368,850 shares of the financial services provider’s stock valued at $18,217,000 after buying an additional 313,789 shares in the last quarter. Vanguard Group Inc. raised its position in ServisFirst Bancshares by 28.2% in the second quarter. Vanguard Group Inc. now owns 1,007,306 shares of the financial services provider’s stock valued at $49,751,000 after buying an additional 221,357 shares in the last quarter. Principal Financial Group Inc. purchased a new position in ServisFirst Bancshares during the second quarter valued at approximately $7,561,000. Finally, Bank of New York Mellon Corp raised its position in ServisFirst Bancshares by 154.7% in the second quarter. Bank of New York Mellon Corp now owns 242,965 shares of the financial services provider’s stock valued at $11,999,000 after buying an additional 147,586 shares in the last quarter. Institutional investors and hedge funds own 33.94% of the company’s stock.
The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 18.37 and a beta of 1.20. The company has a 50-day moving average of $51.97 and a 200-day moving average of $50.28.
About ServisFirst Bancshares
ServisFirst Bancshares, Inc is a bank holding company. The Company, through its subsidiary, ServisFirst Bank (the Bank), operates approximately 18 banking offices. Through its bank, the Company originates commercial, consumer and other loans and accepts deposits, provides electronic banking services, such as online and mobile banking, including remote deposit capture, delivers treasury and cash management services, and provides correspondent banking services to other financial institutions.
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