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

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

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. “

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $28.00 price target on shares of CenterState Banks in a research report on Tuesday, October 3rd. ValuEngine lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital began coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating for the company. Stephens set a $29.00 price target on shares of CenterState Banks and gave the stock a “buy” rating in a research report on Monday, August 14th. Finally, BidaskClub lowered shares of CenterState Banks from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. CenterState Banks has an average rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (NASDAQ CSFL) traded down 0.18% during midday trading on Tuesday, hitting $27.15. 246,511 shares of the stock were exchanged. The stock’s 50-day moving average price is $25.47 and its 200 day moving average price is $25.04. The stock has a market cap of $1.63 billion, a P/E ratio of 22.44 and a beta of 0.60. CenterState Banks has a one year low of $17.72 and a one year high of $27.40.

CenterState Banks declared that its board has approved a share repurchase program on Thursday, September 7th that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits 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 board believes its stock is undervalued.

TRADEMARK VIOLATION WARNING: “CenterState Banks, Inc. (CSFL) Rating Lowered to Sell at Zacks Investment Research” was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another website, it was stolen and republished in violation of US and international trademark & copyright legislation. The correct version of this article can be read at https://ledgergazette.com/2017/10/17/centerstate-banks-inc-csfl-rating-lowered-to-sell-at-zacks-investment-research.html.

In other news, Director Charles W. Mcpherson acquired 3,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average price of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the acquisition, the director now owns 27,144 shares of the company’s stock, valued at approximately $671,814. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David G. Salyers acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $22.49 per share, for a total transaction of $44,980.00. Following the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $67,470. The disclosure for this purchase can be found here. Insiders purchased 11,100 shares of company stock worth $260,040 in the last 90 days. 3.65% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in 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. increased its holdings in CenterState Banks by 7.6% in the second quarter. Vanguard Group Inc. now owns 2,231,489 shares of the financial services provider’s stock worth $55,474,000 after buying an additional 157,189 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in CenterState Banks by 55.6% in the second quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock worth $54,762,000 after buying an additional 787,562 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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. Finally, Channing Capital Management LLC grew its holdings in CenterState Banks by 57.2% during the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock valued at $47,

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. “

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $28.00 price target on shares of CenterState Banks in a research report on Tuesday, October 3rd. ValuEngine lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital began coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating for the company. Stephens set a $29.00 price target on shares of CenterState Banks and gave the stock a “buy” rating in a research report on Monday, August 14th. Finally, BidaskClub lowered shares of CenterState Banks from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. CenterState Banks has an average rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (NASDAQ CSFL) traded down 0.18% during midday trading on Tuesday, hitting $27.15. 246,511 shares of the stock were exchanged. The stock’s 50-day moving average price is $25.47 and its 200 day moving average price is $25.04. The stock has a market cap of $1.63 billion, a P/E ratio of 22.44 and a beta of 0.60. CenterState Banks has a one year low of $17.72 and a one year high of $27.40.

CenterState Banks declared that its board has approved a share repurchase program on Thursday, September 7th that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits 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 board believes its stock is undervalued.

TRADEMARK VIOLATION WARNING: “CenterState Banks, Inc. (CSFL) Rating Lowered to Sell at Zacks Investment Research” was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another website, it was stolen and republished in violation of US and international trademark & copyright legislation. The correct version of this article can be read at https://ledgergazette.com/2017/10/17/centerstate-banks-inc-csfl-rating-lowered-to-sell-at-zacks-investment-research.html.

In other news, Director Charles W. Mcpherson acquired 3,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average price of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the acquisition, the director now owns 27,144 shares of the company’s stock, valued at approximately $671,814. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David G. Salyers acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $22.49 per share, for a total transaction of $44,980.00. Following the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $67,470. The disclosure for this purchase can be found here. Insiders purchased 11,100 shares of company stock worth $260,040 in the last 90 days. 3.65% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in 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. increased its holdings in CenterState Banks by 7.6% in the second quarter. Vanguard Group Inc. now owns 2,231,489 shares of the financial services provider’s stock worth $55,474,000 after buying an additional 157,189 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in CenterState Banks by 55.6% in the second quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock worth $54,762,000 after buying an additional 787,562 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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. Finally, Channing Capital Management LLC grew its holdings in CenterState Banks by 57.2% during the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock valued at $47,251,000 after purchasing an additional 691,476 shares during the last quarter. Hedge funds and other institutional investors own 71.49% 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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