CenterState Banks, Inc. (NASDAQ:CSFL)‘s stock had its “hold” rating restated by Keefe, Bruyette & Woods in a report issued on Thursday, October 26th. They presently have a $29.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 13.59% from the company’s previous close.
A number of other analysts also recently commented on the company. Stephens downgraded CenterState Banks from an “overweight” rating to an “equal weight” rating and set a $28.00 price target for the company. in a research report on Tuesday, October 24th. Zacks Investment Research downgraded CenterState Banks from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital assumed coverage on CenterState Banks in a research note on Tuesday, August 29th. They set a “hold” rating for the company. Finally, BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. CenterState Banks has an average rating of “Hold” and an average target price of $28.33.
Shares of CenterState Banks (NASDAQ CSFL) traded down $0.03 during trading hours on Thursday, reaching $25.53. The company’s stock had a trading volume of 125,417 shares, compared to its average volume of 264,315. CenterState Banks has a 1-year low of $19.43 and a 1-year high of $27.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $1,536.34, a price-to-earnings ratio of 18.39 and a beta of 0.57.
CenterState Banks announced that its Board of Directors has approved a share repurchase program on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
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In other news, CFO Jennifer Idell sold 2,351 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.00, for a total transaction of $63,477.00. Following the transaction, the chief financial officer now directly owns 9,053 shares of the company’s stock, valued at approximately $244,431. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles W. Mcpherson acquired 3,600 shares of CenterState Banks stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $24.75 per share, with a total value of $89,100.00. Following the completion of the purchase, the director now directly owns 27,144 shares in the company, valued at $671,814. The disclosure for this purchase can be found here. Over the last three months, insiders bought 11,100 shares of company stock worth $260,040. Insiders own 3.65% of the company’s stock.
Large investors have recently bought and sold shares of the company. Advisor Group Inc. increased 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 buying an additional 115 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in CenterState Banks in the 1st quarter worth $104,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 buying an additional 3,000 shares in the last quarter. Globeflex Capital L P purchased a new stake in CenterState Banks in the 2nd quarter worth $115,000. Finally, BNP Paribas Arbitrage SA increased 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 buying an additional 5,410 shares in the last quarter. Hedge funds and other institutional investors own 71.21% of the company’s stock.
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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