Stock Buyback Program Approved by CenterState Banks (CSFL) Board of Directors
CenterState Banks (NASDAQ:CSFL) announced that its board has authorized a stock buyback program, which permits the company to repurchase 3,000,000 outstanding shares on Thursday, September 7th, EventVestor reports. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts recently commented on CSFL shares. BidaskClub upgraded shares of CenterState Banks from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Zacks Investment Research lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. Brean Capital began coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Finally, Stephens set a $29.00 price target on shares of CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. One investment 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’s stock. CenterState Banks currently has an average rating of “Hold” and an average price target of $28.50.
CenterState Banks (CSFL) traded up 3.79% during mid-day trading on Friday, reaching $23.01. 84,794 shares of the company’s stock were exchanged. The company has a 50-day moving average of $24.65 and a 200-day moving average of $24.93. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 19.02 and a beta of 0.60. CenterState Banks has a 52-week low of $17.09 and a 52-week high of $26.94.
In other CenterState Banks news, Director Charles W. Mcpherson bought 3,600 shares of CenterState Banks stock in a transaction on Tuesday, August 15th. The shares were acquired at an average price of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the purchase, the director now directly owns 27,144 shares in the company, valued at approximately $671,814. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.65% of the company’s stock.
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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