Centerstate Bank Corp (CSFL) Given Average Recommendation of “Hold” by Analysts
Centerstate Bank Corp (NASDAQ:CSFL) has been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $29.00.
CSFL has been the topic of a number of recent research reports. BidaskClub cut Centerstate Bank from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 3rd. Brean Capital reissued a “hold” rating on shares of Centerstate Bank in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $28.00 target price on shares of Centerstate Bank in a research note on Tuesday, October 3rd. Zacks Investment Research raised Centerstate Bank from a “sell” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, December 26th. Finally, Stephens cut Centerstate Bank 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.
In related news, insider Ernest S. Pinner sold 20,186 shares of the 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 of the company’s stock, valued at $3,598,529.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jennifer Idell sold 2,351 shares of the stock in a transaction on Tuesday, October 31st. The shares were 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 in the company, valued at $244,431. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CSFL. Goldman Sachs Group Inc. boosted its position in shares of Centerstate Bank by 55.6% during 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 buying an additional 787,562 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Centerstate Bank by 102.1% during 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 buying an additional 376,362 shares during the last quarter. Channing Capital Management LLC boosted its position in shares of Centerstate Bank by 15.5% during the third quarter. Channing Capital Management LLC now owns 2,195,409 shares of the financial services provider’s stock valued at $58,837,000 after buying an additional 294,744 shares during the last quarter. Hillcrest Asset Management LLC purchased a new stake in shares of Centerstate Bank during the third quarter valued at $7,681,000. Finally, AJO LP purchased a new stake in shares of Centerstate Bank during the second quarter valued at $7,023,000. 75.79% of the stock is currently owned by institutional investors.
Centerstate Bank (NASDAQ CSFL) opened at $25.77 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. The stock has a market capitalization of $1,520.00, a price-to-earnings ratio of 20.45 and a beta of 0.55. Centerstate Bank has a twelve month low of $25.03 and a twelve month high of $26.08.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a $0.06 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.93%. Centerstate Bank’s dividend payout ratio is currently 19.05%.
About Centerstate Bank
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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