CenterState Banks (CSFL) Downgraded to “Sell” at BidaskClub

CenterState Banks (NASDAQ:CSFL) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Several other equities research analysts have also issued reports on CSFL. Stephens set a $29.00 price target on CenterState Banks and gave the company a “buy” rating in a report on Monday, August 14th. Brean Capital started coverage on CenterState Banks in a report on Tuesday, August 29th. They set a “hold” rating for the company. ValuEngine lowered CenterState Banks from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $28.00 price target on shares of CenterState Banks in a report on Tuesday, October 3rd. Finally, Zacks Investment Research lowered CenterState Banks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. CenterState Banks has a consensus rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (NASDAQ:CSFL) traded up $0.14 during midday trading on Thursday, reaching $26.87. The company’s stock had a trading volume of 183,717 shares, compared to its average volume of 284,061. CenterState Banks has a 12-month low of $21.77 and a 12-month high of $27.95. The firm has a market cap of $1,610.00, a price-to-earnings ratio of 19.32 and a beta of 0.55. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.85 and a quick ratio of 0.85.

CenterState Banks announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 7th that permits the company to buyback 3,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, CFO Jennifer Idell sold 2,351 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.00, for a total value of $63,477.00. Following the transaction, the chief financial officer now directly owns 9,053 shares of the company’s stock, valued at approximately $244,431. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ernest S. Pinner sold 20,186 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $27.31, for a total value of $551,279.66. Following the completion of the transaction, the insider now directly owns 131,766 shares in the company, valued at $3,598,529.46. The disclosure for this sale can be found here. 3.65% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. raised its stake in shares of CenterState Banks by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock valued at $463,000 after acquiring an additional 48 shares in the last quarter. Advisor Group Inc. raised its stake in shares of CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 115 shares in the last quarter. Intrust Bank NA raised its stake in shares of CenterState Banks by 3.1% in the 2nd quarter. Intrust Bank NA now owns 17,331 shares of the financial services provider’s stock valued at $431,000 after acquiring an additional 518 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of CenterState Banks by 18.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 730 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its stake in shares of CenterState Banks by 10.8% in the 2nd quarter. Tudor Investment Corp ET AL now owns 11,178 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 1,092 shares in the last quarter. 75.84% of the stock is currently owned by institutional investors and hedge funds.

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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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