Shares of CenterState Banks, Inc. (NASDAQ:CSFL) reached a new 52-week high on Thursday . The company traded as high as $27.41 and last traded at $27.35, with a volume of 109,286 shares trading hands. The stock had previously closed at $27.29.

A number of research firms recently weighed in on CSFL. BidaskClub upgraded CenterState Banks from a “sell” rating to a “hold” rating in a research note on Sunday, August 6th. Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Friday, July 28th. Brean Capital began coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Stephens set a $29.00 price target on CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $28.00 price target on shares of CenterState Banks in a research note on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $28.33.

CenterState Banks announced that its board has approved a share buyback 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 purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In other news, Director Charles W. Mcpherson bought 3,600 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were bought at an average cost of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the transaction, the director now owns 27,144 shares in the company, valued at $671,814. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael F. Ciferri bought 4,500 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were purchased at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the transaction, the director now owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 11,100 shares of company stock worth $260,040. 3.65% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ronald Blue & Co. LLC boosted its position in CenterState Banks by 0.3% during the second quarter. Ronald Blue & Co. LLC now owns 9,008 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 28 shares in the last quarter. Alps Advisors Inc. boosted its position in CenterState Banks by 0.3% during the second quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock worth $463,000 after purchasing an additional 48 shares in the last quarter. Advisor Group Inc. boosted its position in CenterState Banks by 2.9% during the second quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 115 shares in the last quarter. Legal & General Group Plc boosted its position in CenterState Banks by 1.6% during the first quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 192 shares in the last quarter. Finally, Creative Planning boosted its position in CenterState Banks by 2.8% during the second quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 218 shares in the last quarter. Institutional investors own 71.49% of the company’s stock.

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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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