Boston Partners Buys 61,510 Shares of CenterState Banks, Inc. (CSFL)
Boston Partners grew its holdings in CenterState Banks, Inc. (NASDAQ:CSFL) by 16.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 429,491 shares of the financial services provider’s stock after purchasing an additional 61,510 shares during the period. Boston Partners owned approximately 0.72% of CenterState Banks worth $11,510,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CSFL. BlackRock Inc. lifted its holdings in shares of 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 valued at $90,760,000 after purchasing an additional 3,487,275 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of 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 valued at $54,762,000 after purchasing an additional 787,562 shares in the last quarter. Channing Capital Management LLC lifted its holdings in shares of CenterState Banks by 57.2% in 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 in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of CenterState Banks by 102.1% in the second 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 in the last quarter. Finally, AJO LP purchased a new stake in shares of CenterState Banks in the second quarter valued at $7,023,000. Institutional investors own 71.78% of the company’s stock.
CSFL has been the subject of several recent research reports. BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Stephens set a $29.00 price objective on CenterState Banks and gave the stock a “buy” rating in a report on Monday, August 14th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $28.00 price objective on shares of CenterState Banks in a report on Tuesday, October 3rd. Brean Capital initiated coverage on CenterState Banks in a report on Tuesday, August 29th. They set a “hold” rating for the company. Finally, Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $28.33.
CenterState Banks, Inc. (NASDAQ:CSFL) opened at $25.93 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.03. The company has a market cap of $1,554.97, a price-to-earnings ratio of 18.61 and a beta of 0.57. CenterState Banks, Inc. has a 1 year low of $20.06 and a 1 year high of $27.78.
CenterState Banks announced that its board has authorized a share repurchase program on Thursday, September 7th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Thursday, December 14th. CenterState Banks’s dividend payout ratio is currently 12.60%.
In other news, CFO Jennifer Idell sold 2,351 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.00, for a total value of $63,477.00. Following the sale, the chief financial officer now directly owns 9,053 shares of the company’s stock, valued at $244,431. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David G. Salyers purchased 2,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $67,470. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 7,500 shares of company stock worth $170,940. 3.65% of the stock is currently owned by company insiders.
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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