Zacks Investment Research Downgrades CenterState Banks, Inc. (CSFL) to Hold

CenterState Banks, Inc. (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “CenterState Banks, Inc., formerly CenterState Banks of Florida, Inc., operates as a multi bank holding company, which provides consumer and commercial banking services to individuals, businesses, and industries. The Bank owns CenterState Bank Central Florida National Association, CenterState Bank National Association, CenterState Bank of Florida National Association, and Valrico State Bank (collectively, the Banks). Based in Davenport, Florida, the Company provides a range of consumer and commercial banking services to individuals, businesses, and industries. In addition, the Company make secured and unsecured commercial and real estate loans and issue stand-by letters of credit. Further, the company provides mutual funds, annuities, bonds, fixed income securities, and other products, as well as commercial checking accounts and loans to correspondent banks. “

Several other research analysts also recently commented on the company. BidaskClub raised CenterState Banks from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. ValuEngine downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital started coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Stephens set a $29.00 price objective on CenterState Banks and gave the stock a “buy” rating in a research note on Monday, August 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $28.00 price objective on shares of CenterState Banks in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $28.33.

CenterState Banks (CSFL) opened at 27.35 on Monday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 22.60 and a beta of 0.60. CenterState Banks has a 12-month low of $17.72 and a 12-month high of $27.35. The firm’s 50-day moving average price is $25.24 and its 200-day moving average price is $25.00.

CenterState Banks announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 7th that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

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In other CenterState Banks news, Director Charles W. Mcpherson bought 3,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were bought at an average price of $24.75 per share, with a total value of $89,100.00. Following the purchase, the director now owns 27,144 shares of the company’s stock, valued at $671,814. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David G. Salyers bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the purchase, the director now directly owns 3,000 shares in the company, valued at approximately $67,470. The disclosure for this purchase can be found here. Insiders have purchased a total of 11,100 shares of company stock worth $260,040 in the last three months. 3.65% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in CenterState Banks by 225.3% during the 1st quarter. Bank of America Corp DE now owns 69,611 shares of the financial services provider’s stock valued at $1,803,000 after buying an additional 48,215 shares in the last quarter. BlackRock Inc. grew its holdings in CenterState Banks by 20,548.4% during the 1st quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock valued at $90,760,000 after buying an additional 3,487,275 shares in the last quarter. Swiss National Bank grew its holdings in CenterState Banks by 10.4% during the 1st quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock valued at $2,194,000 after buying an additional 8,000 shares in the last quarter. Rothschild Asset Management Inc. grew its holdings in CenterState Banks by 42.5% during the 2nd quarter. Rothschild Asset Management Inc. now owns 442,458 shares of the financial services provider’s stock valued at $11,000,000 after buying an additional 132,065 shares in the last quarter. Finally, Capital Fund Management S.A. purchased a new position in CenterState Banks during the 2nd quarter valued at approximately $552,000. 71.51% of the stock is currently owned by institutional investors.

About CenterState Banks

CenterState Bank Corporation, formerly CenterState Banks, Inc, is a financial holding company, which owns CenterState Bank of Florida, N.A. (CenterState Bank or the Bank). The Company provides a range of consumer and commercial banking services to individuals, businesses and industries. The Company’s segments include commercial and retail banking, correspondent banking and capital markets division, and corporate overhead and administration.

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