CenterState Banks, Inc. (CSFL) Given Consensus Recommendation of “Hold” by Analysts

Shares of CenterState Banks, Inc. (NASDAQ:CSFL) have earned an average rating of “Hold” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $28.50.

A number of analysts have recently issued reports on the stock. Brean Capital reissued a “hold” rating on shares of CenterState Banks in a research note on Monday, October 30th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $29.00 price objective on shares of CenterState Banks in a research note on Thursday, October 26th. Stephens cut shares of CenterState Banks from an “overweight” rating to an “equal weight” rating and set a $28.00 price objective for the company. in a research note on Tuesday, October 24th. Zacks Investment Research cut shares of CenterState Banks from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, ValuEngine cut shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th.

Shares of CenterState Banks (NASDAQ:CSFL) opened at $26.32 on Wednesday. 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 company has a market cap of $1,573.01, a P/E ratio of 18.83 and a beta of 0.57. CenterState Banks has a twelve month low of $21.63 and a twelve month high of $27.78.

CenterState Banks declared that its Board of Directors has authorized a share buyback program on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.91%. CenterState Banks’s dividend payout ratio is 12.60%.

In related news, Director David G. Salyers bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $67,470. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael F. Ciferri bought 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were bought at an average price of $22.66 per share, with a total value of $101,970.00. Following the transaction, the director now owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 7,500 shares of company stock valued at $170,940. 3.65% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of CSFL. Advisor Group Inc. boosted its position in shares of CenterState Banks by 2.9% during the second 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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 worth $105,000 after acquiring an additional 3,000 shares during the last quarter. Globeflex Capital L P bought a new position in shares of CenterState Banks during the second quarter worth $115,000. Ameritas Investment Partners Inc. boosted its position in shares of CenterState Banks by 18.2% during the second quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 730 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of 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 worth $141,000 after acquiring an additional 5,410 shares during the last quarter. Hedge funds and other institutional investors own 72.27% of the company’s stock.

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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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