Several other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded CenterState Banks from a strong-buy rating to a hold rating in a report on Monday, October 9th. ValuEngine downgraded CenterState Banks from a buy rating to a hold rating in a report on Thursday, September 7th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $28.00 price objective on shares of CenterState Banks in a report on Tuesday, October 3rd. BidaskClub upgraded CenterState Banks from a sell rating to a hold rating in a report on Sunday, August 6th. Finally, Stephens set a $29.00 price target on CenterState Banks and gave the stock a buy rating in a report on Monday, August 14th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The company has an average rating of Hold and an average price target of $28.33.
CenterState Banks (NASDAQ:CSFL) traded up $0.07 during mid-day trading on Monday, hitting $26.63. The company had a trading volume of 116,981 shares, compared to its average volume of 257,114. The stock has a market cap of $1.61 billion, a PE ratio of 19.29 and a beta of 0.57. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.03.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.90%. CenterState Banks’s dividend payout ratio (DPR) is 18.90%.
CenterState Banks declared that its board has initiated a stock buyback program on Thursday, September 7th that allows the company to buyback 3,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
In other CenterState Banks news, Director David G. Salyers acquired 2,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $22.49 per share, with a total value of $44,980.00. Following the transaction, the director now owns 3,000 shares in the company, valued at approximately $67,470. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles W. Mcpherson acquired 3,600 shares of the stock in a transaction dated Tuesday, August 15th. The shares were acquired at an average cost of $24.75 per share, with a total value of $89,100.00. Following the completion of the transaction, the director now owns 27,144 shares in the company, valued at approximately $671,814. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 11,100 shares of company stock valued at $260,040. Insiders own 3.65% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CSFL. Advisor Group Inc. boosted 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 valued at $100,000 after purchasing an additional 115 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of CenterState Banks by 248.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 3,000 shares during the period. Globeflex Capital L P acquired a new stake in shares of CenterState Banks in the 2nd quarter valued at about $115,000. Ameritas Investment Partners Inc. boosted its position in shares of CenterState Banks by 18.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 730 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in shares of CenterState Banks by 2,146.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 5,410 shares during the period. 71.37% of the stock is owned by hedge funds and other institutional investors.
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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