CenterState Banks, Inc. (NASDAQ:CSFL) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, September 7th.
Several other research analysts also recently issued reports on CSFL. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Stephens set a $29.00 price objective on CenterState Banks and gave the stock a “buy” rating in a report on Monday, August 14th. Brean Capital assumed coverage on CenterState Banks in a report on Tuesday, August 29th. They set a “hold” rating on the stock. Finally, Zacks Investment Research raised CenterState Banks from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Thursday, June 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $28.50.
Shares of CenterState Banks (NASDAQ CSFL) opened at 24.94 on Thursday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 20.61 and a beta of 0.60. CenterState Banks has a 1-year low of $17.09 and a 1-year high of $26.94. The company’s 50 day moving average price is $24.53 and its 200-day moving average price is $24.89.
CenterState Banks declared that its board has authorized a share buyback plan on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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In related news, Director Michael F. Ciferri purchased 4,500 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were bought at an average price of $22.66 per share, with a total value of $101,970.00. Following the purchase, the director now directly owns 307,237 shares in the company, valued at approximately $6,961,990.42. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles W. Mcpherson purchased 3,600 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average cost of $24.75 per share, for a total transaction of $89,100.00. Following the purchase, the director now owns 27,144 shares in the company, valued at $671,814. The disclosure for this purchase can be found here. In the last three months, insiders bought 11,100 shares of company stock worth $260,040. 3.65% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of CSFL. Advisor Group Inc. raised its stake in CenterState Banks by 2.9% during 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 during the period. Ameritas Investment Partners Inc. acquired a new stake in CenterState Banks during the 1st quarter worth $104,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in CenterState Banks by 248.8% during 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 during the period. Globeflex Capital L P acquired a new stake in CenterState Banks during the 2nd quarter worth $115,000. Finally, BNP Paribas Arbitrage SA raised its stake in CenterState Banks by 2,146.8% during 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 during the period. 72.02% of the stock is currently owned by institutional investors.
About CenterState Banks
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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