Zacks Investment Research Downgrades CenterState Banks, Inc. (NASDAQ:CSFL) to Sell

Zacks Investment Research downgraded shares of CenterState Banks, Inc. (NASDAQ:CSFL) from a hold rating to a sell rating in a research report released on Tuesday, October 17th.

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. “

Other research analysts have also issued reports about the stock. BidaskClub upgraded shares of CenterState Banks from a sell rating to a hold rating in a research note on Sunday, August 6th. Brean Capital began coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They set a hold rating on the stock. Stephens set a $29.00 price target on shares of CenterState Banks and gave the stock a buy rating in a research note on Monday, August 14th. Keefe, Bruyette & Woods reiterated a hold rating and set a $28.00 price target on shares of CenterState Banks in a research note on Tuesday, October 3rd. Finally, ValuEngine lowered shares of CenterState Banks from a buy rating to a hold rating in a research note on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has an average rating of Hold and an average price target of $28.33.

CenterState Banks (NASDAQ:CSFL) traded down $0.12 on Tuesday, hitting $26.51. The stock had a trading volume of 171,307 shares, compared to its average volume of 255,315. 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 $1,600.53, a PE ratio of 19.16 and a beta of 0.57.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.91%. CenterState Banks’s payout ratio is currently 18.90%.

In other CenterState Banks news, Director David G. Salyers purchased 2,000 shares of CenterState Banks stock in a transaction on 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 acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at $67,470. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jennifer Idell sold 2,351 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.00, for a total transaction of $63,477.00. Following the completion of the sale, the chief financial officer now directly owns 9,053 shares in the company, valued at approximately $244,431. The disclosure for this sale can be found here. Insiders have acquired 11,100 shares of company stock worth $260,040 over the last 90 days. 3.65% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CSFL. Bank of New York Mellon Corp lifted its holdings in shares of CenterState Banks by 30.9% in the first quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock valued at $16,457,000 after purchasing an additional 150,090 shares in the last quarter. Swiss National Bank lifted its holdings in shares of CenterState Banks by 10.4% in the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock valued at $2,194,000 after purchasing an additional 8,000 shares in the last quarter. Parametric Portfolio Associates LLC lifted its holdings in shares of CenterState Banks by 8.0% in the first quarter. Parametric Portfolio Associates LLC now owns 36,791 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 2,715 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of CenterState Banks by 24.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,311 shares of the financial services provider’s stock valued at $267,000 after purchasing an additional 2,019 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of CenterState Banks in the first quarter valued at about $104,000. 71.21% of the stock is currently owned by institutional investors.

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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