Centerstate Bank Corp (NASDAQ:CSFL) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $22.64 and last traded at $23.08, with a volume of 23342 shares changing hands. The stock had previously closed at $23.45.
A number of research analysts have issued reports on CSFL shares. BidaskClub downgraded Centerstate Bank from a “hold” rating to a “sell” rating in a report on Saturday, September 15th. Brean Capital reissued a “buy” rating on shares of Centerstate Bank in a report on Monday, October 22nd. Sandler O’Neill downgraded Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 price target for the company. in a report on Wednesday, September 12th. ValuEngine downgraded Centerstate Bank from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Stephens restated a “buy” rating and issued a $30.00 price objective on shares of Centerstate Bank in a research report on Monday, November 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $30.50.
The stock has a market cap of $2.24 billion, a P/E ratio of 16.86 and a beta of 0.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.90 and a quick ratio of 0.89.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, December 13th.
In other Centerstate Bank news, Director Charles W. Mcpherson acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was acquired at an average cost of $24.97 per share, for a total transaction of $99,880.00. Following the completion of the transaction, the director now directly owns 33,437 shares of the company’s stock, valued at $834,921.89. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David G. Salyers purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 7th. The shares were purchased at an average price of $22.91 per share, with a total value of $45,820.00. Following the completion of the transaction, the director now directly owns 7,392 shares of the company’s stock, valued at approximately $169,350.72. The disclosure for this purchase can be found here. 2.35% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of Centerstate Bank by 18.5% during the second quarter. Bank of America Corp DE now owns 406,233 shares of the financial services provider’s stock worth $12,114,000 after purchasing an additional 63,470 shares in the last quarter. Comerica Bank increased its position in shares of Centerstate Bank by 42.0% during the third quarter. Comerica Bank now owns 152,031 shares of the financial services provider’s stock worth $3,643,000 after purchasing an additional 44,935 shares in the last quarter. Swiss National Bank increased its position in shares of Centerstate Bank by 4.7% during the second quarter. Swiss National Bank now owns 123,696 shares of the financial services provider’s stock worth $3,689,000 after purchasing an additional 5,500 shares in the last quarter. BlackRock Inc. increased its position in shares of Centerstate Bank by 31.4% during the second quarter. BlackRock Inc. now owns 5,192,052 shares of the financial services provider’s stock worth $154,827,000 after purchasing an additional 1,242,064 shares in the last quarter. Finally, Tributary Capital Management LLC purchased a new stake in shares of Centerstate Bank during the third quarter worth approximately $407,000. Hedge funds and other institutional investors own 79.17% of the company’s stock.
About Centerstate Bank (NASDAQ:CSFL)
CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A. that provides various consumer and commercial banking services to individuals, businesses, and industries in Florida. The company's deposit products include savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.
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