CenterState Banks, Inc. (CSFL) Expected to Post Quarterly Sales of $82.30 Million
Wall Street brokerages expect CenterState Banks, Inc. (NASDAQ:CSFL) to post $82.30 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for CenterState Banks’ earnings, with the highest sales estimate coming in at $83.50 million and the lowest estimate coming in at $81.10 million. CenterState Banks reported sales of $60.93 million in the same quarter last year, which indicates a positive year-over-year growth rate of 35.1%. The company is scheduled to report its next earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that CenterState Banks will report full-year sales of $82.30 million for the current financial year, with estimates ranging from $302.90 million to $311.90 million. For the next fiscal year, analysts expect that the business will post sales of $347.45 million per share, with estimates ranging from $341.30 million to $353.60 million. Zacks’ sales averages are an average based on a survey of research firms that follow CenterState Banks.
Several research firms have recently weighed in on CSFL. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Stephens set a $29.00 target price on CenterState Banks and gave the stock a “buy” rating in a research note on Monday. Finally, Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Friday, July 28th.
CenterState Banks (NASDAQ CSFL) traded down 1.20% on Tuesday, reaching $24.72. The company had a trading volume of 96,181 shares. The stock has a market capitalization of $1.48 billion, a P/E ratio of 20.43 and a beta of 0.60. The stock’s 50-day moving average price is $24.95 and its 200-day moving average price is $24.99. CenterState Banks has a 12-month low of $17.00 and a 12-month high of $26.94.
Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank increased its position in shares of CenterState Banks by 10.4% in the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock valued at $2,194,000 after buying an additional 8,000 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of CenterState Banks by 30.9% in the first quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock valued at $16,457,000 after buying an additional 150,090 shares in the last quarter. Boston Partners increased its position in shares of CenterState Banks by 1.5% in the first quarter. Boston Partners now owns 357,415 shares of the financial services provider’s stock valued at $9,257,000 after buying an additional 5,272 shares in the last quarter. First Trust Advisors LP increased its position in shares of CenterState Banks by 112.8% in the first quarter. First Trust Advisors LP now owns 277,133 shares of the financial services provider’s stock valued at $7,178,000 after buying an additional 146,894 shares in the last quarter. Finally, Channing Capital Management LLC bought a new position in shares of CenterState Banks during the first quarter valued at approximately $31,318,000. Institutional investors and hedge funds own 69.07% of the company’s stock.
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CenterState Banks Company Profile
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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