CenterState Banks, Inc. (CSFL) Given Hold Rating at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reaffirmed their hold rating on shares of CenterState Banks, Inc. (NASDAQ:CSFL) in a report issued on Tuesday. They currently have a $28.00 target price on the financial services provider’s stock.
CSFL has been the topic of a number of other research reports. 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 price objective on CenterState Banks and gave the stock a buy rating in a report on Monday, August 14th. Brean Capital began coverage on CenterState Banks in a research report on Tuesday, August 29th. They set a hold rating on the stock. Zacks Investment Research upgraded CenterState Banks from a hold rating to a buy rating and set a $27.00 target price on the stock in a research report on Thursday, June 8th. Finally, ValuEngine downgraded CenterState Banks from a buy rating to a hold rating in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $28.33.
Shares of CenterState Banks (NASDAQ:CSFL) traded down 0.48% during mid-day trading on Tuesday, hitting $26.81. The company had a trading volume of 28,086 shares. CenterState Banks has a 12 month low of $17.47 and a 12 month high of $27.02. The firm has a market capitalization of $1.61 billion, a P/E ratio of 22.16 and a beta of 0.60. The firm has a 50-day moving average price of $24.88 and a 200 day moving average price of $24.93.
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CenterState Banks announced that its Board of Directors has approved a share repurchase plan on Thursday, September 7th that authorizes the company to buyback 3,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In related news, Director Michael F. Ciferri purchased 4,500 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was bought at an average cost of $22.66 per share, with a total value of $101,970.00. Following the completion of the acquisition, the director now directly owns 307,237 shares in the company, valued at approximately $6,961,990.42. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles W. Mcpherson purchased 3,600 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average cost of $24.75 per share, with a total value of $89,100.00. Following the completion of the acquisition, the director now owns 27,144 shares of the company’s stock, valued at $671,814. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 11,100 shares of company stock worth $260,040. 3.65% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of CenterState Banks by 225.3% during the first quarter. Bank of America Corp DE now owns 69,611 shares of the financial services provider’s stock valued at $1,803,000 after acquiring an additional 48,215 shares during the last quarter. BlackRock Inc. increased its position in CenterState Banks by 20,548.4% during the 1st quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock worth $90,760,000 after purchasing an additional 3,487,275 shares in the last quarter. Swiss National Bank increased its position in CenterState Banks by 10.4% during the 1st quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock worth $2,194,000 after purchasing an additional 8,000 shares in the last quarter. NorthCoast Asset Management LLC purchased a new stake in CenterState Banks during the 1st quarter worth about $1,342,000. Finally, Rothschild Asset Management Inc. increased its position in CenterState Banks by 42.5% during the 2nd quarter. Rothschild Asset Management Inc. now owns 442,458 shares of the financial services provider’s stock worth $11,000,000 after purchasing an additional 132,065 shares in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
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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