Centerstate Bank (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “CenterState Banks, Inc. operates as a bank holding company. Its operating divisions consist of Commercial and Retail Banking, and Correspondent Banking and Capital Market. Commercial and Retail Banking division provides traditional deposit and lending products and services to its commercial and retail customers. Correspondent Banking and Capital Market division offers correspondent bank checking and fed funds purchased products; and safekeeping, bond accounting, and asset and liability consulting services to small to medium size financial institutions primarily in Florida, Alabama and Georgia. CenterState Banks services include demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, time deposits, safe deposit services, cash management, direct deposits, notary services, money orders, night depository, traveler’s checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers and banking by mail and by Internet. CenterStat “

A number of other brokerages have also issued reports on CSFL. BidaskClub raised shares of Centerstate Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Brean Capital reissued a “buy” rating on shares of Centerstate Bank in a research note on Monday, October 22nd. Sandler O’Neill lowered shares of Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a research note on Wednesday, September 12th. Stephens reissued a “buy” rating and set a $30.00 target price on shares of Centerstate Bank in a research note on Monday, November 26th. Finally, ValuEngine lowered shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $30.50.

NASDAQ CSFL opened at $23.02 on Thursday. Centerstate Bank has a twelve month low of $22.65 and a twelve month high of $32.27. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 16.86 and a beta of 0.56.

Centerstate Bank (NASDAQ:CSFL) last posted its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. The firm had revenue of $128.96 million for the quarter, compared to analysts’ expectations of $125.03 million. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. As a group, equities analysts expect that Centerstate Bank will post 2.06 earnings per share for the current year.

In other Centerstate Bank news, Director David G. Salyers acquired 2,000 shares of Centerstate Bank stock in a transaction that occurred on Friday, December 7th. The stock was acquired at an average price of $22.91 per share, with a total value of $45,820.00. Following the purchase, the director now owns 7,392 shares in the company, valued at $169,350.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles W. Mcpherson acquired 4,000 shares of Centerstate Bank stock in a transaction that occurred on Wednesday, November 28th. The stock was acquired at an average cost of $24.97 per share, with a total value of $99,880.00. Following the purchase, the director now owns 33,437 shares in the company, valued at approximately $834,921.89. The disclosure for this purchase can be found here. 2.35% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC acquired a new stake in shares of Centerstate Bank in the 3rd quarter valued at $114,000. IFP Advisors Inc lifted its stake in shares of Centerstate Bank by 300.0% in the 3rd quarter. IFP Advisors Inc now owns 6,320 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 4,740 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Centerstate Bank in the 2nd quarter valued at $208,000. BB&T Securities LLC acquired a new stake in shares of Centerstate Bank in the 2nd quarter valued at $213,000. Finally, Gardner Russo & Gardner LLC acquired a new stake in shares of Centerstate Bank in the 2nd quarter valued at $218,000. 79.17% of the stock is owned by institutional investors and hedge funds.

Centerstate Bank Company Profile

CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A. that provides various consumer and commercial banking services to individuals, businesses, and industries in Florida. The company's deposit products include savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.

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