CenterState Banks, Inc. (NASDAQ:CSFL) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other equities analysts have also issued reports on CSFL. Stephens set a $29.00 price objective on CenterState Banks and gave the stock a “buy” rating in a report on Monday, August 14th. Zacks Investment Research raised 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. BidaskClub raised CenterState Banks from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Brean Capital assumed coverage on CenterState Banks in a report on Tuesday, August 29th. They issued a “hold” rating on the stock. One 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 has a consensus rating of “Hold” and a consensus price target of $28.50.

CenterState Banks (CSFL) traded up 3.56% on Thursday, hitting $22.96. The stock had a trading volume of 318,968 shares. CenterState Banks has a 52-week low of $17.09 and a 52-week high of $26.94. The firm’s 50-day moving average is $24.60 and its 200-day moving average is $24.92. The company has a market cap of $1.38 billion, a P/E ratio of 18.98 and a beta of 0.60.

CenterState Banks announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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In other CenterState Banks news, Director David G. Salyers purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $22.49 per share, with a total value of $44,980.00. Following the transaction, the director now owns 3,000 shares in the company, valued at $67,470. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles W. Mcpherson purchased 3,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average cost of $24.75 per share, with a total value of $89,100.00. Following the completion of the transaction, the director now owns 27,144 shares in the company, valued at approximately $671,814. The disclosure for this purchase can be found here. Insiders have bought a total of 6,600 shares of company stock valued at $158,070 over the last three months. Corporate insiders own 3.65% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in CenterState Banks by 20,548.4% in the 1st quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock worth $90,760,000 after buying an additional 3,487,275 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of CenterState Banks by 55.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,202,806 shares of the financial services provider’s stock valued at $54,762,000 after purchasing an additional 787,562 shares in the last quarter. Channing Capital Management LLC raised its stake in shares of CenterState Banks by 57.2% in the 2nd quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock valued at $47,251,000 after purchasing an additional 691,476 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of CenterState Banks by 102.1% in the 2nd quarter. Principal Financial Group Inc. now owns 745,043 shares of the financial services provider’s stock valued at $18,522,000 after purchasing an additional 376,362 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of CenterState Banks in the 1st quarter valued at about $8,680,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

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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