Centerstate Bank (CSFL) Stock Rating Lowered by BidaskClub

Centerstate Bank (NASDAQ:CSFL) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday.

Several other equities research analysts also recently weighed in on the company. Brean Capital reaffirmed a “hold” rating on shares of Centerstate Bank in a research report on Tuesday. Zacks Investment Research raised Centerstate Bank from a “sell” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, December 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $29.00 price target on shares of Centerstate Bank in a report on Thursday, October 26th. Stephens downgraded Centerstate Bank from an “overweight” rating to an “equal weight” rating and set a $28.00 price target for the company. in a report on Tuesday, October 24th. Finally, ValuEngine downgraded Centerstate Bank from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $29.00.

Shares of Centerstate Bank (NASDAQ CSFL) traded down $0.05 during midday trading on Wednesday, hitting $25.51. The stock had a trading volume of 392,900 shares, compared to its average volume of 685,600. Centerstate Bank has a 52 week low of $25.33 and a 52 week high of $26.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $1,530.00, a P/E ratio of 20.25 and a beta of 0.55.

Centerstate Bank declared that its Board of Directors has approved a share repurchase plan on Thursday, September 7th that allows the company to repurchase 3,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in CSFL. Schwab Charles Investment Management Inc. raised its stake in Centerstate Bank by 6.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 230,515 shares of the financial services provider’s stock valued at $5,731,000 after buying an additional 14,278 shares in the last quarter. Rhumbline Advisers raised its stake in Centerstate Bank by 17.0% during the second quarter. Rhumbline Advisers now owns 65,921 shares of the financial services provider’s stock valued at $1,639,000 after buying an additional 9,597 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Centerstate Bank by 18.9% during the second quarter. Bank of New York Mellon Corp now owns 755,662 shares of the financial services provider’s stock valued at $18,786,000 after buying an additional 120,231 shares in the last quarter. Legal & General Group Plc raised its stake in Centerstate Bank by 10.5% during the second quarter. Legal & General Group Plc now owns 13,224 shares of the financial services provider’s stock valued at $329,000 after buying an additional 1,253 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Centerstate Bank by 2,146.8% during the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after buying an additional 5,410 shares in the last quarter. Hedge funds and other institutional investors own 75.79% of the company’s stock.

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Centerstate Bank 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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