CenterState Banks, Inc. (NASDAQ:CSFL) CFO Jennifer Idell sold 2,351 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.00, for a total transaction of $63,477.00. Following the completion of the sale, the chief financial officer now owns 9,053 shares in the company, valued at approximately $244,431. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
CenterState Banks, Inc. (CSFL) opened at $25.92 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.03. CenterState Banks, Inc. has a twelve month low of $20.95 and a twelve month high of $27.78. The stock has a market capitalization of $1,558.58, a PE ratio of 18.66 and a beta of 0.57.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.93%. CenterState Banks’s dividend payout ratio is currently 12.60%.
CenterState Banks announced that its Board of Directors has authorized a stock buyback program on Thursday, September 7th that permits the company to buyback 3,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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Several brokerages have recently commented on CSFL. Brean Capital restated a “hold” rating on shares of CenterState Banks in a research note on Monday, October 30th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $29.00 price target on shares of CenterState Banks in a report on Thursday, October 26th. Stephens cut CenterState Banks from an “overweight” rating to an “equal weight” rating and set a $28.00 price target for the company. in a report on Tuesday, October 24th. Zacks Investment Research cut CenterState Banks from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.33.
A number of large investors have recently made changes to their positions in CSFL. Parametric Portfolio Associates LLC raised its holdings in CenterState Banks by 8.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 36,791 shares of the financial services provider’s stock worth $953,000 after purchasing an additional 2,715 shares during the last quarter. American International Group Inc. raised its holdings in CenterState Banks by 10.6% during the 1st quarter. American International Group Inc. now owns 29,510 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 2,839 shares during the last quarter. Teachers Advisors LLC raised its holdings in CenterState Banks by 6.2% during the 1st quarter. Teachers Advisors LLC now owns 160,590 shares of the financial services provider’s stock worth $4,159,000 after purchasing an additional 9,421 shares during the last quarter. California Public Employees Retirement System raised its holdings in CenterState Banks by 8.2% during the 1st quarter. California Public Employees Retirement System now owns 79,600 shares of the financial services provider’s stock worth $2,062,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in CenterState Banks by 1.6% during the 1st quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 192 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.
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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