Centerstate Bank (CSFL) Coverage Initiated by Analysts at SunTrust Banks

SunTrust Banks initiated coverage on shares of Centerstate Bank (NASDAQ:CSFL) in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $32.00 target price on the financial services provider’s stock. SunTrust Banks also issued estimates for Centerstate Bank’s Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.44 EPS, Q3 2018 earnings at $0.51 EPS, Q4 2018 earnings at $0.52 EPS, FY2018 earnings at $1.91 EPS, Q1 2019 earnings at $0.54 EPS, Q2 2019 earnings at $0.54 EPS, Q3 2019 earnings at $0.55 EPS, Q4 2019 earnings at $0.56 EPS and FY2019 earnings at $2.19 EPS.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Centerstate Bank from a sell rating to a buy rating and set a $30.00 target price on the stock in a research report on Tuesday, December 26th. BidaskClub downgraded shares of Centerstate Bank from a sell rating to a strong sell rating in a research report on Wednesday, January 3rd. Brean Capital reissued a hold rating on shares of Centerstate Bank in a research report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods raised shares of Centerstate Bank from a market perform rating to an outperform rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Centerstate Bank currently has a consensus rating of Hold and an average target price of $30.00.

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Shares of Centerstate Bank (CSFL) opened at $28.45 on Tuesday. The firm has a market cap of $2,380.00, a PE ratio of 22.40 and a beta of 0.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.85 and a quick ratio of 0.85. Centerstate Bank has a 1 year low of $21.77 and a 1 year high of $28.46.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Thursday, March 15th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.41%. This is an increase from Centerstate Bank’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Wednesday, March 14th. Centerstate Bank’s dividend payout ratio is 18.90%.

In related news, Director Thomas E. Oakley sold 20,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $26.80, for a total transaction of $536,000.00. Following the sale, the director now directly owns 221,358 shares of the company’s stock, valued at approximately $5,932,394.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.65% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CSFL. Schroder Investment Management Group grew its position in Centerstate Bank by 1,763.8% during the 4th quarter. Schroder Investment Management Group now owns 876,843 shares of the financial services provider’s stock valued at $22,561,000 after purchasing an additional 829,798 shares during the last quarter. Bank of New York Mellon Corp grew its position in Centerstate Bank by 77.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,431,302 shares of the financial services provider’s stock valued at $36,826,000 after purchasing an additional 623,411 shares during the last quarter. Millennium Management LLC grew its position in Centerstate Bank by 103.2% during the 4th quarter. Millennium Management LLC now owns 641,090 shares of the financial services provider’s stock valued at $16,495,000 after purchasing an additional 325,660 shares during the last quarter. Hillcrest Asset Management LLC purchased a new stake in Centerstate Bank during the 3rd quarter valued at about $7,681,000. Finally, Channing Capital Management LLC grew its position in Centerstate Bank by 10.1% during the 4th quarter. Channing Capital Management LLC now owns 2,416,089 shares of the financial services provider’s stock valued at $62,166,000 after purchasing an additional 220,680 shares during the last quarter. 78.87% of the stock is currently owned by institutional investors.

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About Centerstate Bank

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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