CenterState Banks Inc. (NASDAQ:CSFL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The brokerage presently has a $19.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price target would indicate a potential upside of 13.98% from the company’s current price.
According to Zacks, “CenterState Banks, Inc., formerly CenterState Banks of Florida, Inc., operates as a multi bank holding company, which provides consumer and commercial banking services to individuals, businesses, and industries. The Bank owns CenterState Bank Central Florida National Association, CenterState Bank National Association, CenterState Bank of Florida National Association, and Valrico State Bank (collectively, the Banks). Based in Davenport, Florida, the Company provides a range of consumer and commercial banking services to individuals, businesses, and industries. In addition, the Company make secured and unsecured commercial and real estate loans and issue stand-by letters of credit. Further, the company provides mutual funds, annuities, bonds, fixed income securities, and other products, as well as commercial checking accounts and loans to correspondent banks. “
Shares of CenterState Banks (NASDAQ:CSFL) traded down 1.13% during midday trading on Thursday, reaching $16.67. 71,146 shares of the company’s stock were exchanged. The stock has a market cap of $800.08 million and a PE ratio of 25.03. The stock’s 50 day moving average is $15.78 and its 200-day moving average is $15.14. CenterState Banks has a 12-month low of $12.20 and a 12-month high of $16.90.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Monday, June 13th.
A number of large investors have added to or reduced their stakes in CSFL. Huntington Asset Advisors Inc. acquired a new stake in CenterState Banks during the first quarter worth about $161,000. A.R.T. Advisors LLC increased its stake in CenterState Banks by 29.6% in the first quarter. A.R.T. Advisors LLC now owns 14,871 shares of the financial services provider’s stock worth $221,000 after buying an additional 3,400 shares during the last quarter. BlackRock Group LTD increased its stake in CenterState Banks by 224.4% in the first quarter. BlackRock Group LTD now owns 15,462 shares of the financial services provider’s stock worth $230,000 after buying an additional 10,696 shares during the last quarter. Rehmann Capital Advisory Group acquired a new stake in CenterState Banks during the first quarter worth about $234,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in CenterState Banks during the first quarter worth about $268,000.
Several other equities analysts also recently commented on CSFL. Keefe, Bruyette & Woods boosted their target price on shares of CenterState Banks from $17.00 to $18.00 and gave the stock a “market perform” rating in a report on Wednesday. Stephens began coverage on shares of CenterState Banks in a report on Wednesday, May 25th. They issued an “equal weight” rating and a $17.50 target price on the stock. Finally, FIG Partners downgraded shares of CenterState Banks from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 27th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. CenterState Banks has an average rating of “Buy” and a consensus price target of $17.88.
CenterState Banks, Inc (CSFL) is a bank holding company, which owns CenterState Bank of Florida, N.A. (CSB or the Bank) and a non-bank subsidiary, R4ALL, Inc (R4ALL). The Company’s basic 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, travelers’ checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers, and banking by mail and by Internet.
