Lord Abbett & CO. LLC trimmed its holdings in CenterState Banks, Inc. (NASDAQ:CSFL) by 3.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,325,624 shares of the financial services provider’s stock after selling 49,900 shares during the quarter. Lord Abbett & CO. LLC owned 2.21% of CenterState Banks worth $32,955,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Advisor Group Inc. increased its stake in shares of CenterState Banks by 2.9% in the second quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after buying an additional 115 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of CenterState Banks in the first quarter worth $104,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of CenterState Banks by 248.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock worth $105,000 after buying an additional 3,000 shares during the period. Globeflex Capital L P purchased a new position in shares of CenterState Banks in the second quarter worth $115,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of CenterState Banks by 2,146.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock worth $141,000 after buying an additional 5,410 shares during the period. Hedge funds and other institutional investors own 71.49% of the company’s stock.
CSFL has been the topic of several analyst reports. Stephens set a $29.00 target price on shares of CenterState Banks and gave the stock a “buy” rating in a research note on Monday, August 14th. Zacks Investment Research raised shares of CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Friday, July 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research note on Tuesday, October 3rd. ValuEngine downgraded shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Finally, Brean Capital initiated coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $28.33.
CenterState Banks, Inc. (NASDAQ CSFL) opened at 27.67 on Friday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 22.87 and a beta of 0.60. The firm’s 50-day moving average is $25.85 and its 200-day moving average is $25.11. CenterState Banks, Inc. has a 12 month low of $17.72 and a 12 month high of $27.70.
CenterState Banks announced that its board has authorized a stock repurchase program on Thursday, September 7th that allows the company to buyback 3,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
In other CenterState Banks news, Director David G. Salyers bought 2,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $67,470. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael F. Ciferri bought 4,500 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were acquired at an average price of $22.66 per share, with a total value of $101,970.00. Following the completion of the transaction, the director now owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 11,100 shares of company stock valued at $260,040. Corporate insiders own 3.65% 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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