Zacks: Brokerages Anticipate CenterState Banks Inc (CSFL) Will Post Quarterly Sales of $76.15 Million
Wall Street brokerages expect that CenterState Banks Inc (NASDAQ:CSFL) will report sales of $76.15 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for CenterState Banks’ earnings, with estimates ranging from $75.3 million to $77 million. CenterState Banks posted sales of $61.97 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.9%. The firm is scheduled to report its next quarterly earnings report on Monday, July 24th.
On average, analysts expect that CenterState Banks will report full-year sales of $76.15 million for the current year, with estimates ranging from $294.1 million to $306.1 million. For the next fiscal year, analysts expect that the company will post sales of $340.3 million per share, with estimates ranging from $335.6 million to $345 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for CenterState Banks.
Separately, Zacks Investment Research raised shares of CenterState Banks from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research report on Friday, March 31st.
In other news, Director Charles W. Mcpherson purchased 4,000 shares of the company’s stock in a transaction on Monday, May 1st. The shares were purchased at an average cost of $25.41 per share, with a total value of $101,640.00. Following the completion of the transaction, the director now owns 23,544 shares of the company’s stock, valued at approximately $598,253.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John E. Tranter sold 10,000 shares of the company’s stock in a transaction on Monday, March 20th. The stock was sold at an average price of $26.39, for a total transaction of $263,900.00. Following the sale, the insider now directly owns 119,283 shares in the company, valued at $3,147,878.37. The disclosure for this sale can be found here. In the last three months, insiders sold 76,877 shares of company stock worth $1,986,177. 4.42% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new stake in CenterState Banks during the first quarter valued at about $104,000. Raymond James Financial Services Advisors Inc. purchased a new stake in CenterState Banks during the fourth quarter valued at about $209,000. Citadel Advisors LLC purchased a new stake in CenterState Banks during the third quarter valued at about $217,000. Teza Capital Management LLC purchased a new stake in CenterState Banks during the fourth quarter valued at about $309,000. Finally, Legal & General Group Plc raised its stake in CenterState Banks by 1.6% in the first quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock valued at $309,000 after buying an additional 192 shares during the period. 65.82% of the stock is currently owned by hedge funds and other institutional investors.
CenterState Banks (NASDAQ:CSFL) traded up 0.53% during midday trading on Friday, reaching $24.56. 346,483 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $25.16 and its 200 day moving average is $24.11. CenterState Banks has a 1-year low of $14.66 and a 1-year high of $26.94. The stock has a market cap of $1.36 billion, a P/E ratio of 19.13 and a beta of 0.75.
About CenterState Banks
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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