Centerstate Bank (CSFL) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a sell rating in a research note released on Tuesday morning.

According to Zacks, “CenterState Banks, Inc. operates as a bank holding company. Its operating divisions consist of Commercial and Retail Banking, and Correspondent Banking and Capital Market. Commercial and Retail Banking division provides traditional deposit and lending products and services to its commercial and retail customers. Correspondent Banking and Capital Market division offers correspondent bank checking and fed funds purchased products; and safekeeping, bond accounting, and asset and liability consulting services to small to medium size financial institutions primarily in Florida, Alabama and Georgia. CenterState Banks services include demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, time deposits, safe deposit services, cash management, direct deposits, notary services, money orders, night depository, traveler’s checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers and banking by mail and by Internet. CenterStat “

CSFL has been the topic of several other research reports. Stephens reissued a buy rating and set a $30.00 price objective on shares of Centerstate Bank in a report on Wednesday, January 2nd. BidaskClub raised Centerstate Bank from a hold rating to a buy rating in a report on Tuesday. Sandler O’Neill raised Centerstate Bank from a hold rating to a buy rating and set a $29.00 price objective on the stock in a report on Tuesday, November 27th. ValuEngine downgraded Centerstate Bank from a hold rating to a sell rating in a report on Thursday, October 18th. Finally, Brean Capital set a $30.00 price objective on Centerstate Bank and gave the company a buy rating in a report on Monday, December 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Centerstate Bank currently has a consensus rating of Buy and a consensus target price of $28.50.

Shares of CSFL opened at $26.50 on Tuesday. Centerstate Bank has a 52-week low of $19.55 and a 52-week high of $32.27. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

Centerstate Bank (NASDAQ:CSFL) last issued its quarterly earnings results on Tuesday, January 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. Centerstate Bank had a return on equity of 9.02% and a net margin of 22.11%. As a group, equities research analysts predict that Centerstate Bank will post 2.05 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a dividend of $0.11 per share. This is an increase from Centerstate Bank’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.44 annualized dividend and a dividend yield of 1.66%.

In related news, Director Charles W. Mcpherson bought 4,000 shares of the business’s stock in a transaction on Wednesday, November 28th. The shares were purchased at an average cost of $24.97 per share, with a total value of $99,880.00. Following the acquisition, the director now owns 33,437 shares of the company’s stock, valued at $834,921.89. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director William K. Pou, Jr. bought 1,300 shares of the business’s stock in a transaction on Monday, December 10th. The shares were bought at an average cost of $22.95 per share, for a total transaction of $29,835.00. Following the completion of the acquisition, the director now directly owns 81,776 shares in the company, valued at approximately $1,876,759.20. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 13,225 shares of company stock worth $303,655. 2.35% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC lifted its holdings in Centerstate Bank by 1.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 29,540 shares of the financial services provider’s stock worth $621,000 after buying an additional 441 shares during the period. Sapphire Star Partners LP lifted its holdings in Centerstate Bank by 2.6% during the 4th quarter. Sapphire Star Partners LP now owns 25,369 shares of the financial services provider’s stock worth $534,000 after buying an additional 635 shares during the period. Bank of Montreal Can lifted its holdings in Centerstate Bank by 29.6% during the 4th quarter. Bank of Montreal Can now owns 2,879 shares of the financial services provider’s stock worth $61,000 after buying an additional 658 shares during the period. Advisor Group Inc. lifted its holdings in Centerstate Bank by 9.2% during the 4th quarter. Advisor Group Inc. now owns 8,239 shares of the financial services provider’s stock worth $173,000 after buying an additional 693 shares during the period. Finally, Sound Income Strategies LLC lifted its holdings in Centerstate Bank by 12.5% during the 4th quarter. Sound Income Strategies LLC now owns 6,293 shares of the financial services provider’s stock worth $177,000 after buying an additional 700 shares during the period. 79.29% of the stock is currently owned by hedge funds and other institutional investors.

About Centerstate Bank

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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