16,686 Shares in CenterState Banks, Inc. (CSFL) Acquired by Forward Management LLC
Forward Management LLC acquired a new position in CenterState Banks, Inc. (NASDAQ:CSFL) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 16,686 shares of the financial services provider’s stock, valued at approximately $448,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in CenterState Banks by 20,548.4% in the 1st 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 in the last quarter. Vanguard Group Inc. increased its holdings in CenterState Banks by 7.6% in the 2nd 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 in the last quarter. Goldman Sachs Group Inc. grew 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. Channing Capital Management LLC grew 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. Finally, Dimensional Fund Advisors LP grew its stake in shares of CenterState Banks by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,998,123 shares of the financial services provider’s stock valued at $51,752,000 after purchasing an additional 20,331 shares during the period. Institutional investors own 71.21% of the company’s stock.
A number of research firms have issued reports on CSFL. ValuEngine downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital restated a “hold” rating on shares of CenterState Banks in a research note on Monday, October 30th. Stephens set a $29.00 price target on CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $29.00 price objective on shares of CenterState Banks in a research report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $28.33.
In other CenterState Banks news, Director David G. Salyers acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $67,470. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jennifer Idell sold 2,351 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 9,053 shares in the company, valued at $244,431. The disclosure for this sale can be found here. Insiders purchased 11,100 shares of company stock worth $260,040 over the last 90 days. 3.65% of the stock is currently owned by company insiders.
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CenterState Banks, Inc. (CSFL) traded down $0.07 during mid-day trading on Monday, hitting $26.56. The stock had a trading volume of 60,264 shares, compared to its average volume of 255,315. The stock has a market capitalization of $1,600.53, a PE ratio of 19.16 and a beta of 0.57. 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 announced that its Board of Directors has approved a stock buyback plan on Thursday, September 7th that permits the company to repurchase 3,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.90%. CenterState Banks’s dividend payout ratio is currently 18.90%.
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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