BIRMINGHAM, AL—Henry Fulbrook, the Chief Credit Officer and Senior Vice President of ServisFirst Bancshares, Inc. (NASDAQ:NYSE:SFBS), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, Fulbrook sold a total of 1,000 shares on October 24, 2024, at prices ranging from $85.197 to $85.265 per share, resulting in a total transaction value of $85,198.
Following these transactions, Fulbrook holds 8,501 shares of ServisFirst Bancshares common stock. This total includes 2,000 restricted stock awards that vest fully on the fifth anniversaries of their respective grant dates in 2022, 2023, and 2024.
In other recent news, ServisFirst Bancshares has been under the analysts' lens following its robust third-quarter performance. The company's net income and net interest margin saw an increase, despite flat loan growth, with strong demand in the hospitality sector. There were also leadership changes, with CFO Kirk Pressley resigning and Ed Woodie stepping in as Interim CFO.
Piper Sandler has revised its outlook on ServisFirst, raising the price target to $79.00 from the previous $76.00, while maintaining a Neutral rating. The firm revised the earnings estimate for 2024 to $4.05, up from $3.73, and increased the 2025 forecast to $4.62 from $4.43. A new 2026 earnings estimate was set at $5.25, suggesting a 12% net interest income increase for that year.
These changes are based on the anticipation of reduced expenses and continued growth in net interest income. The outlook for ServisFirst is cautiously optimistic, with the bank expected to benefit from a favorable net interest income trajectory and solid loan expansion. These factors are key to the raised earnings estimates and price target.
In other developments, ServisFirst anticipates a rebound in loan demand in the fourth quarter as economic conditions stabilize. Over $300 million in CDs maturing in the fourth quarter indicates potential for better returns. These are some of the recent developments surrounding ServisFirst Bancshares.
InvestingPro Insights
ServisFirst Bancshares (NASDAQ:SFBS) has demonstrated strong performance and financial stability, as evidenced by recent InvestingPro data and tips. The company's stock is currently trading near its 52-week high, with a market capitalization of $4.69 billion. This aligns with the recent insider sale by Henry Fulbrook, potentially indicating a favorable valuation from an insider's perspective.
InvestingPro Tips highlight that ServisFirst has raised its dividend for 10 consecutive years and maintained dividend payments for 11 consecutive years. This consistent dividend policy underscores the company's financial health and commitment to shareholder returns. The current dividend yield stands at 1.45%, with a dividend growth rate of 7.14% over the last twelve months.
The company's P/E ratio of 22.96 suggests that investors are willing to pay a premium for ServisFirst's earnings, possibly due to its strong financial performance and growth prospects. This is further supported by the fact that ServisFirst has shown a high return over the last year, with a one-year price total return of 79.63%.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 11 more InvestingPro Tips available for ServisFirst Bancshares, providing a deeper understanding of the company's financial position and market performance.
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