CenterState Banks, Inc. (CSFL) Lowered to Hold at Zacks Investment Research

CenterState Banks, Inc. (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday.

According to Zacks, “CenterState Banks, Inc., formerly CenterState Banks of Florida, Inc., operates as a multi bank holding company, which provides consumer and commercial banking services to individuals, businesses, and industries. The Bank owns CenterState Bank Central Florida National Association, CenterState Bank National Association, CenterState Bank of Florida National Association, and Valrico State Bank (collectively, the Banks). Based in Davenport, Florida, the Company provides a range of consumer and commercial banking services to individuals, businesses, and industries. In addition, the Company make secured and unsecured commercial and real estate loans and issue stand-by letters of credit. Further, the company provides mutual funds, annuities, bonds, fixed income securities, and other products, as well as commercial checking accounts and loans to correspondent banks. “

Other equities analysts also recently issued reports about the company. Stephens set a $29.00 target price on CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. BidaskClub upgraded CenterState Banks from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research report on Tuesday, October 3rd. ValuEngine downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Brean Capital initiated coverage on CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. CenterState Banks currently has an average rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (NASDAQ:CSFL) traded down 0.26% during mid-day trading on Monday, reaching $26.89. The company had a trading volume of 181,412 shares. CenterState Banks has a 52-week low of $17.72 and a 52-week high of $27.06. The firm’s 50-day moving average price is $25.08 and its 200 day moving average price is $24.96. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 22.22 and a beta of 0.60.

CenterState Banks declared that its Board of Directors has initiated a share buyback program on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

ILLEGAL ACTIVITY WARNING: This news story was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this news story on another domain, it was copied illegally and reposted in violation of U.S. & international copyright & trademark legislation. The legal version of this news story can be read at https://ledgergazette.com/2017/10/09/centerstate-banks-inc-csfl-lowered-to-hold-at-zacks-investment-research.html.

In related news, Director Michael F. Ciferri acquired 4,500 shares of the stock in a transaction dated Tuesday, September 12th. The stock was bought at an average cost of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the transaction, the director now directly owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David G. Salyers acquired 2,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $22.49 per share, with a total value of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $67,470. The disclosure for this purchase can be found here. Insiders have bought 11,100 shares of company stock valued at $260,040 over the last 90 days. 3.65% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of CSFL. Bank of New York Mellon Corp raised its position in shares of CenterState Banks by 30.9% during the first quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock worth $16,457,000 after acquiring an additional 150,090 shares during the last quarter. Swiss National Bank raised its position in shares of CenterState Banks by 10.4% during the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock worth $2,194,000 after acquiring an additional 8,000 shares during the last quarter. Sei Investments Co. raised its position in shares of CenterState Banks by 7.7% during the first quarter. Sei Investments Co. now owns 49,126 shares of the financial services provider’s stock worth $1,272,000 after acquiring an additional 3,504 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of CenterState Banks by 8.0% during the first quarter. Parametric Portfolio Associates LLC now owns 36,791 shares of the financial services provider’s stock worth $953,000 after acquiring an additional 2,715 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of CenterState Banks by 24.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,311 shares of the financial services prov

According to Zacks, “CenterState Banks, Inc., formerly CenterState Banks of Florida, Inc., operates as a multi bank holding company, which provides consumer and commercial banking services to individuals, businesses, and industries. The Bank owns CenterState Bank Central Florida National Association, CenterState Bank National Association, CenterState Bank of Florida National Association, and Valrico State Bank (collectively, the Banks). Based in Davenport, Florida, the Company provides a range of consumer and commercial banking services to individuals, businesses, and industries. In addition, the Company make secured and unsecured commercial and real estate loans and issue stand-by letters of credit. Further, the company provides mutual funds, annuities, bonds, fixed income securities, and other products, as well as commercial checking accounts and loans to correspondent banks. “

Other equities analysts also recently issued reports about the company. Stephens set a $29.00 target price on CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. BidaskClub upgraded CenterState Banks from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research report on Tuesday, October 3rd. ValuEngine downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Brean Capital initiated coverage on CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. CenterState Banks currently has an average rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (NASDAQ:CSFL) traded down 0.26% during mid-day trading on Monday, reaching $26.89. The company had a trading volume of 181,412 shares. CenterState Banks has a 52-week low of $17.72 and a 52-week high of $27.06. The firm’s 50-day moving average price is $25.08 and its 200 day moving average price is $24.96. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 22.22 and a beta of 0.60.

CenterState Banks declared that its Board of Directors has initiated a share buyback program on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

ILLEGAL ACTIVITY WARNING: This news story was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this news story on another domain, it was copied illegally and reposted in violation of U.S. & international copyright & trademark legislation. The legal version of this news story can be read at https://ledgergazette.com/2017/10/09/centerstate-banks-inc-csfl-lowered-to-hold-at-zacks-investment-research.html.

In related news, Director Michael F. Ciferri acquired 4,500 shares of the stock in a transaction dated Tuesday, September 12th. The stock was bought at an average cost of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the transaction, the director now directly owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David G. Salyers acquired 2,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $22.49 per share, with a total value of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $67,470. The disclosure for this purchase can be found here. Insiders have bought 11,100 shares of company stock valued at $260,040 over the last 90 days. 3.65% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of CSFL. Bank of New York Mellon Corp raised its position in shares of CenterState Banks by 30.9% during the first quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock worth $16,457,000 after acquiring an additional 150,090 shares during the last quarter. Swiss National Bank raised its position in shares of CenterState Banks by 10.4% during the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock worth $2,194,000 after acquiring an additional 8,000 shares during the last quarter. Sei Investments Co. raised its position in shares of CenterState Banks by 7.7% during the first quarter. Sei Investments Co. now owns 49,126 shares of the financial services provider’s stock worth $1,272,000 after acquiring an additional 3,504 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of CenterState Banks by 8.0% during the first quarter. Parametric Portfolio Associates LLC now owns 36,791 shares of the financial services provider’s stock worth $953,000 after acquiring an additional 2,715 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of CenterState Banks by 24.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,311 shares of the financial services provider’s stock worth $267,000 after acquiring an additional 2,019 shares during the last quarter. Institutional investors own 71.51% 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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