Menta Capital LLC lifted its stake in CenterState Banks, Inc. (NASDAQ:CSFL) by 79.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,403 shares of the financial services provider’s stock after buying an additional 24,080 shares during the quarter. Menta Capital LLC owned approximately 0.09% of CenterState Banks worth $1,352,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of CenterState Banks by 20,548.4% in the first quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock worth $90,760,000 after buying an additional 3,487,275 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of CenterState Banks by 9.3% in the first quarter. Vanguard Group Inc. now owns 2,074,300 shares of the financial services provider’s stock worth $53,725,000 after buying an additional 176,169 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of CenterState Banks by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,998,123 shares of the financial services provider’s stock worth $51,752,000 after buying an additional 20,331 shares during the last quarter. Channing Capital Management LLC boosted its stake in shares of CenterState Banks by 57.2% in the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock worth $47,251,000 after buying an additional 691,476 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of CenterState Banks by 20.8% in the first quarter. State Street Corp now owns 1,415,538 shares of the financial services provider’s stock worth $36,662,000 after buying an additional 243,569 shares during the last quarter. Hedge funds and other institutional investors own 71.51% of the company’s stock.
In related news, Director David G. Salyers purchased 2,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average price of $22.49 per share, with a total value of $44,980.00. Following the completion of the acquisition, the director now directly owns 3,000 shares in the company, valued at approximately $67,470. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael F. Ciferri purchased 4,500 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were bought at an average cost of $22.66 per share, for a total transaction of $101,970.00. Following the acquisition, the director now owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 11,100 shares of company stock worth $260,040. Corporate insiders own 3.65% of the company’s stock.
CSFL has been the topic of a number of recent research reports. Zacks Investment Research downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub upgraded CenterState Banks from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. 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, Brean Capital initiated coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $28.50.
Shares of CenterState Banks, Inc. (NASDAQ CSFL) opened at 25.78 on Friday. The stock has a 50 day moving average price of $24.55 and a 200-day moving average price of $24.89. The stock has a market cap of $1.55 billion, a P/E ratio of 21.31 and a beta of 0.60. CenterState Banks, Inc. has a 52 week low of $17.09 and a 52 week high of $26.94.
CenterState Banks declared that its board has initiated a share buyback program on Thursday, September 7th that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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CenterState Banks Profile
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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