Equities research analysts forecast that CenterState Banks, Inc. (NASDAQ:CSFL) will post sales of $80.45 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for CenterState Banks’ earnings. The highest sales estimate is $80.90 million and the lowest is $80.00 million. CenterState Banks reported sales of $64.69 million in the same quarter last year, which indicates a positive year over year growth rate of 24.4%. The business is expected to report its next quarterly earnings report on Thursday, January 25th.
According to Zacks, analysts expect that CenterState Banks will report full-year sales of $80.45 million for the current financial year, with estimates ranging from $300.10 million to $305.40 million. For the next financial year, analysts anticipate that the business will post sales of $457.80 million per share, with estimates ranging from $456.60 million to $459.00 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for CenterState Banks.
Several analysts have issued reports on CSFL shares. Zacks Investment Research lowered CenterState Banks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 9th. BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a research note on Thursday. Stephens lowered CenterState Banks from an “overweight” rating to an “equal weight” rating and set a $28.00 target price on the stock. in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research note on Tuesday, October 3rd. Finally, Brean Capital restated a “hold” rating on shares of CenterState Banks in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $28.33.
In related news, insider Ernest S. Pinner sold 20,186 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $27.31, for a total transaction of $551,279.66. Following the sale, the insider now directly owns 131,766 shares in the company, valued at approximately $3,598,529.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael F. Ciferri acquired 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were bought at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the purchase, the director now owns 307,237 shares in the company, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Insiders own 3.65% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CSFL. Goldman Sachs Group Inc. raised its stake in shares of CenterState Banks by 55.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock valued at $54,762,000 after purchasing an additional 787,562 shares during the period. Principal Financial Group Inc. raised its stake in shares of CenterState Banks by 102.1% during the 2nd quarter. Principal Financial Group Inc. now owns 745,043 shares of the financial services provider’s stock valued at $18,522,000 after purchasing an additional 376,362 shares during the period. Channing Capital Management LLC raised its stake in shares of CenterState Banks by 15.5% during the 3rd quarter. Channing Capital Management LLC now owns 2,195,409 shares of the financial services provider’s stock valued at $58,837,000 after purchasing an additional 294,744 shares during the period. Hillcrest Asset Management LLC bought a new stake in shares of CenterState Banks during the 3rd quarter valued at $7,681,000. Finally, AJO LP bought a new stake in shares of CenterState Banks during the 2nd quarter valued at $7,023,000. Institutional investors own 75.84% of the company’s stock.
Shares of CenterState Banks (CSFL) traded down $0.02 on Wednesday, hitting $26.85. The company’s stock had a trading volume of 200,220 shares, compared to its average volume of 203,380. The company has a market capitalization of $1,615.08, a price-to-earnings ratio of 19.33 and a beta of 0.55. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.85 and a current ratio of 0.85. CenterState Banks has a 52-week low of $21.77 and a 52-week high of $27.95.
CenterState Banks announced that its board has initiated a share repurchase plan on Thursday, September 7th that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.89%. CenterState Banks’s payout ratio is 12.60%.
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About CenterState Banks
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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