Teachers Advisors LLC cut its position in shares of CenterState Banks, Inc. (NASDAQ:CSFL) by 14.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 137,382 shares of the financial services provider’s stock after selling 23,208 shares during the quarter. Teachers Advisors LLC owned 0.23% of CenterState Banks worth $3,415,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new stake in CenterState Banks during the first quarter valued at about $104,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in CenterState Banks by 248.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock valued at $105,000 after buying an additional 3,000 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in CenterState Banks by 2,146.8% during the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after buying an additional 5,410 shares in the last quarter. Creative Planning lifted its stake in CenterState Banks by 2.8% during the second quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock valued at $201,000 after buying an additional 218 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in CenterState Banks during the first quarter valued at about $222,000. 71.49% of the stock is owned by institutional investors.
A number of analysts have commented on the stock. Zacks Investment Research lowered shares of CenterState Banks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $28.00 price objective on shares of CenterState Banks in a research note on Tuesday, October 3rd. ValuEngine lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital assumed coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They set a “hold” rating for the company. Finally, Stephens set a $29.00 price objective on shares of CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $28.33.
In related news, Director Charles W. Mcpherson bought 3,600 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average cost of $24.75 per share, for a total transaction of $89,100.00. Following the transaction, the director now owns 27,144 shares of the company’s stock, valued at $671,814. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David G. Salyers bought 2,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $22.49 per share, with a total value of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $67,470. The disclosure for this purchase can be found here. Insiders have bought a total of 11,100 shares of company stock valued at $260,040 over the last 90 days. Corporate insiders own 3.65% of the company’s stock.
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Shares of CenterState Banks, Inc. (CSFL) opened at 27.02 on Monday. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 22.33 and a beta of 0.60. The firm’s 50-day moving average is $25.47 and its 200-day moving average is $25.04. CenterState Banks, Inc. has a 1-year low of $17.72 and a 1-year high of $27.40.
CenterState Banks declared that its board has authorized a stock buyback plan on Thursday, September 7th that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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