CenterState Banks, Inc. (CSFL) Rating Lowered to Sell at Zacks Investment Research

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

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. “

A number of other equities analysts have also issued reports on CSFL. Keefe, Bruyette & Woods restated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research note on Tuesday, October 3rd. ValuEngine lowered CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital assumed coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating for the company. Stephens set a $29.00 target price on CenterState Banks and gave the stock a “buy” rating in a research note on Monday, August 14th. Finally, BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $28.33.

Shares of CenterState Banks (NASDAQ:CSFL) opened at 27.29 on Tuesday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 22.55 and a beta of 0.60. The company has a 50 day moving average price of $25.67 and a 200 day moving average price of $25.07. CenterState Banks has a one year low of $17.72 and a one year high of $27.40.

CenterState Banks declared that its Board of Directors has initiated a share buyback program on Thursday, September 7th that permits the company to repurchase 3,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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In other news, Director Michael F. Ciferri bought 4,500 shares of CenterState Banks stock in a transaction that occurred on Tuesday, September 12th. The stock was bought at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the purchase, the director now directly owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David G. Salyers bought 2,000 shares of CenterState Banks stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $22.49 per share, with a total value of $44,980.00. Following the purchase, the director now directly owns 3,000 shares in the company, valued at $67,470. The disclosure for this purchase can be found here. Insiders purchased a total of 11,100 shares of company stock valued at $260,040 in the last 90 days. 3.65% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Advisor Group Inc. raised its stake in CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 115 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in CenterState Banks in the 1st quarter worth $104,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in CenterState Banks by 248.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 3,000 shares during the last quarter. Globeflex Capital L P purchased a new position in CenterState Banks in the 2nd quarter worth $115,000. Finally, BNP Paribas Arbitrage SA raised its stake in CenterState Banks by 2,146.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 5,410 shares during the last quarter. Institutional investors own 71.49% of the company’s stock.

CenterState Banks Company Profile

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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