CenterState Banks, Inc. (CSFL) Director Acquires $44,980.00 in Stock
CenterState Banks, Inc. (NASDAQ:CSFL) Director David G. Salyers bought 2,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at $67,470. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
CenterState Banks, Inc. (CSFL) traded up 3.70% during midday trading on Friday, reaching $22.99. The company had a trading volume of 152,659 shares. CenterState Banks, Inc. has a 1-year low of $17.09 and a 1-year high of $26.94. The stock has a market capitalization of $1.38 billion, a PE ratio of 19.00 and a beta of 0.60. The firm’s 50 day moving average is $24.65 and its 200 day moving average is $24.93.
CenterState Banks declared that its Board of Directors has initiated a share buyback plan on Thursday, September 7th that authorizes the company to repurchase 3,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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A number of institutional investors have recently modified their holdings of CSFL. BlackRock Inc. increased its holdings in CenterState Banks by 20,548.4% in the first quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock valued at $90,760,000 after buying an additional 3,487,275 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in CenterState Banks by 55.6% in the second quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock valued at $54,762,000 after buying an additional 787,562 shares in the last quarter. Channing Capital Management LLC increased its holdings in CenterState Banks by 57.2% in the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock valued at $47,251,000 after buying an additional 691,476 shares in the last quarter. Principal Financial Group Inc. increased its holdings in CenterState Banks by 102.1% in the second quarter. Principal Financial Group Inc. now owns 745,043 shares of the financial services provider’s stock valued at $18,522,000 after buying an additional 376,362 shares in the last quarter. Finally, Loomis Sayles & Co. L P purchased a new position in CenterState Banks in the first quarter valued at about $8,680,000. 72.02% of the stock is owned by institutional investors.
A number of research firms have recently commented on CSFL. ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday. Brean Capital began coverage on CenterState Banks in a research report on Tuesday, August 29th. They set a “hold” rating on the stock. Stephens set a $29.00 target price on CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. BidaskClub cut CenterState Banks from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Finally, Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $28.50.
CenterState Banks Company Profile
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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