Brean Capital Reaffirms Hold Rating for CenterState Banks (CSFL)

Brean Capital reaffirmed their hold rating on shares of CenterState Banks (NASDAQ:CSFL) in a research report released on Wednesday.

A number of other analysts also recently issued reports on the stock. Keefe, Bruyette & Woods restated a hold rating and set a $29.00 price objective on shares of CenterState Banks in a report on Thursday, October 26th. Stephens downgraded shares of CenterState Banks from an overweight rating to an equal weight rating and set a $28.00 price objective for the company. in a report on Tuesday, October 24th. Zacks Investment Research downgraded shares of CenterState Banks from a hold rating to a sell rating in a report on Tuesday, October 17th. ValuEngine downgraded shares of CenterState Banks from a buy rating to a hold rating in a report on Thursday, September 7th. Finally, BidaskClub downgraded shares of CenterState Banks from a hold rating to a sell rating in a report on Saturday, August 12th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $28.33.

Shares of CenterState Banks (CSFL) opened at $26.85 on Wednesday. CenterState Banks has a 1-year low of $21.77 and a 1-year high of $27.95. 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 stock has a market cap of $1,613.87, a PE ratio of 19.32 and a beta of 0.55.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. CenterState Banks’s payout ratio is 12.60%.

CenterState Banks declared that its board has authorized a stock repurchase program on Thursday, September 7th that allows the company to repurchase 3,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

In other news, CFO Jennifer Idell sold 2,351 shares of CenterState Banks stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.00, for a total value of $63,477.00. Following the completion of the transaction, the chief financial officer now owns 9,053 shares in the company, valued at $244,431. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ernest S. Pinner sold 20,186 shares of CenterState Banks stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $27.31, for a total transaction of $551,279.66. Following the completion of the transaction, the insider now owns 131,766 shares of the company’s stock, valued at approximately $3,598,529.46. The disclosure for this sale can be found here. 3.65% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. boosted its position in shares of CenterState Banks by 0.3% in the second quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock valued at $463,000 after acquiring an additional 48 shares during the period. Advisor Group Inc. boosted its position 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 valued at $100,000 after acquiring an additional 115 shares during the period. Legal & General Group Plc boosted its position in shares of CenterState Banks by 1.6% in the first quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock valued at $309,000 after acquiring an additional 192 shares during the period. Intrust Bank NA boosted its position in shares of CenterState Banks by 3.1% in the second quarter. Intrust Bank NA now owns 17,331 shares of the financial services provider’s stock valued at $431,000 after acquiring an additional 518 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its position in shares of CenterState Banks by 18.2% in the second quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 730 shares during the period. Institutional investors own 75.84% of the company’s stock.

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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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