Centerstate Bank Corp (CSFL) Short Interest Update

Centerstate Bank Corp (NASDAQ:CSFL) was the target of a large decline in short interest in September. As of September 14th, there was short interest totalling 1,455,098 shares, a decline of 50.5% from the August 31st total of 2,938,409 shares. Based on an average daily volume of 586,300 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.8% of the shares of the stock are short sold.

In related news, Director James H. Bingham sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $30.50, for a total value of $76,250.00. Following the sale, the director now directly owns 120,573 shares in the company, valued at approximately $3,677,476.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.35% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC purchased a new position in shares of Centerstate Bank in the first quarter worth approximately $117,000. SG Americas Securities LLC purchased a new position in shares of Centerstate Bank in the first quarter worth approximately $182,000. Zeke Capital Advisors LLC purchased a new position in shares of Centerstate Bank in the second quarter worth approximately $205,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Centerstate Bank in the second quarter worth approximately $208,000. Finally, BB&T Securities LLC purchased a new position in shares of Centerstate Bank in the second quarter worth approximately $213,000. 82.45% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ CSFL opened at $28.00 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Centerstate Bank has a 12 month low of $25.03 and a 12 month high of $32.27. The company has a market capitalization of $2.44 billion, a P/E ratio of 20.88 and a beta of 0.38.

Centerstate Bank (NASDAQ:CSFL) last released its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The business had revenue of $123.12 million for the quarter, compared to the consensus estimate of $118.87 million. Centerstate Bank had a net margin of 21.38% and a return on equity of 8.96%. research analysts expect that Centerstate Bank will post 2.04 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.43%. The ex-dividend date is Thursday, September 13th.

A number of analysts recently commented on the stock. Zacks Investment Research downgraded shares of Centerstate Bank from a “buy” rating to a “hold” rating in a report on Monday, July 30th. BidaskClub downgraded shares of Centerstate Bank from a “hold” rating to a “sell” rating in a report on Saturday, September 15th. Brean Capital reiterated a “buy” rating on shares of Centerstate Bank in a report on Monday, August 6th. Finally, Sandler O’Neill downgraded shares of Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a report on Wednesday, September 12th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Centerstate Bank presently has an average rating of “Buy” and an average price target of $31.43.

About Centerstate Bank

CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A. that provides various consumer and commercial banking services to individuals, businesses, and industries in Florida. The company's deposit products include savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.

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