Public Employees Retirement System of Ohio lifted its position in CenterState Banks, Inc. (NASDAQ:CSFL) by 59.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,500 shares of the financial services provider’s stock after acquiring an additional 51,500 shares during the quarter. Public Employees Retirement System of Ohio owned 0.23% of CenterState Banks worth $3,443,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ronald Blue & Co. LLC grew its position in shares of CenterState Banks by 0.3% in the 2nd quarter. Ronald Blue & Co. LLC now owns 9,008 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 28 shares in the last quarter. Alps Advisors Inc. grew its position in shares of CenterState Banks by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock worth $463,000 after acquiring an additional 48 shares in the last quarter. Advisor Group Inc. grew its position in shares of CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 115 shares in the last quarter. Legal & General Group Plc grew its position in shares of CenterState Banks by 1.6% in the 1st quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock worth $309,000 after acquiring an additional 192 shares in the last quarter. Finally, Creative Planning grew its position in shares of CenterState Banks by 2.8% in the 2nd quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 218 shares in the last quarter. Institutional investors own 71.46% of the company’s stock.
Several brokerages have recently commented on CSFL. BidaskClub upgraded CenterState Banks from a “sell” rating to a “hold” rating in a research report on Sunday, August 6th. Zacks Investment Research raised CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Friday, July 28th. Brean Capital began coverage on CenterState Banks in a report on Tuesday, August 29th. They issued a “hold” rating on the stock. Stephens downgraded CenterState Banks from an “overweight” rating to an “equal weight” rating and set a $28.00 price target on the stock. in a report on Tuesday, October 24th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $29.00 price target on shares of CenterState Banks in a report on Thursday. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.33.
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Shares of CenterState Banks, Inc. (NASDAQ CSFL) opened at 27.54 on Friday. The company has a 50 day moving average price of $26.30 and a 200 day moving average price of $25.19. The company has a market cap of $1.65 billion, a P/E ratio of 22.76 and a beta of 0.60. CenterState Banks, Inc. has a one year low of $18.01 and a one year high of $27.78.
CenterState Banks announced that its board has authorized a stock repurchase plan on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.87%. CenterState Banks’s dividend payout ratio is currently 19.51%.
In related news, Director David G. Salyers acquired 2,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were bought at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the purchase, the director now owns 3,000 shares in the company, valued at approximately $67,470. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael F. Ciferri acquired 4,500 shares of the stock in a transaction dated Tuesday, September 12th. The stock was bought at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the purchase, the director now owns 307,237 shares in the company, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 11,100 shares of company stock worth $260,040. Corporate insiders own 3.65% of the company’s stock.
About CenterState Banks
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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