Hillcrest Asset Management LLC boosted its position in Centerstate Bank Corp (NASDAQ:CSFL) by 7.8% in the fourth quarter, HoldingsChannel reports. The firm owned 308,929 shares of the financial services provider’s stock after purchasing an additional 22,320 shares during the quarter. Hillcrest Asset Management LLC’s holdings in Centerstate Bank were worth $8,381,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of CSFL. Parametric Portfolio Associates LLC increased its stake in shares of Centerstate Bank by 29.5% in the second quarter. Parametric Portfolio Associates LLC now owns 47,631 shares of the financial services provider’s stock valued at $1,184,000 after buying an additional 10,840 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Centerstate Bank by 13.7% in the second quarter. The Manufacturers Life Insurance Company now owns 40,369 shares of the financial services provider’s stock valued at $1,003,000 after buying an additional 4,860 shares during the period. Boston Partners increased its stake in shares of Centerstate Bank by 16.7% in the third quarter. Boston Partners now owns 429,491 shares of the financial services provider’s stock valued at $11,510,000 after buying an additional 61,510 shares during the period. Swiss National Bank increased its stake in shares of Centerstate Bank by 9.4% in the third quarter. Swiss National Bank now owns 92,696 shares of the financial services provider’s stock valued at $2,484,000 after buying an additional 8,000 shares during the period. Finally, FDx Advisors Inc. acquired a new stake in shares of Centerstate Bank in the third quarter valued at about $353,000. 78.85% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on CSFL shares. BidaskClub raised Centerstate Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 11th. Zacks Investment Research raised Centerstate Bank from a “sell” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Tuesday, December 26th. Brean Capital reissued a “hold” rating on shares of Centerstate Bank in a research note on Tuesday, January 2nd. SunTrust Banks started coverage on Centerstate Bank in a research note on Tuesday, March 6th. They issued a “buy” rating and a $32.00 price target for the company. Finally, Keefe, Bruyette & Woods raised Centerstate Bank from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $30.00.
Shares of Centerstate Bank Corp (NASDAQ CSFL) opened at $28.20 on Wednesday. Centerstate Bank Corp has a one year low of $25.03 and a one year high of $28.46. The company has a market capitalization of $2,340.10 and a P/E ratio of 20.14. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.84 and a current ratio of 0.85.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.40 annualized dividend and a yield of 1.42%. This is a boost from Centerstate Bank’s previous quarterly dividend of $0.06. Centerstate Bank’s dividend payout ratio (DPR) is currently 18.90%.
In related news, Director Thomas E. Oakley sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $26.80, for a total transaction of $536,000.00. Following the completion of the sale, the director now owns 221,358 shares of the company’s stock, valued at $5,932,394.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.65% of the company’s stock.
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Centerstate Bank 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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