CenterState Banks, Inc. (CSFL) Short Interest Up 35.5% in August
CenterState Banks, Inc. (NASDAQ:CSFL) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 1,650,519 shares, an increase of 35.5% from the August 15th total of 1,217,884 shares. Currently, 2.8% of the shares of the stock are short sold. Based on an average daily volume of 193,061 shares, the short-interest ratio is presently 8.5 days.
CenterState Banks (NASDAQ:CSFL) opened at 24.94 on Friday. CenterState Banks has a 1-year low of $17.09 and a 1-year high of $26.94. The company’s 50-day moving average is $24.53 and its 200 day moving average is $24.89. The stock has a market capitalization of $1.50 billion, a PE ratio of 20.61 and a beta of 0.60.
CenterState Banks declared that its board has authorized a share buyback program 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. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other news, Director David G. Salyers acquired 2,000 shares of CenterState Banks stock in a transaction dated 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 completion of the purchase, the director now directly owns 3,000 shares in the company, valued at approximately $67,470. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael F. Ciferri acquired 4,500 shares of CenterState Banks stock in a transaction dated Tuesday, September 12th. The stock was purchased at an average cost of $22.66 per share, with a total value of $101,970.00. Following the completion of the purchase, the director now owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The disclosure for this purchase can be found here. Over the last three months, insiders bought 11,100 shares of company stock valued at $260,040. Corporate insiders own 3.65% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. M Holdings Securities Inc. acquired a new position in CenterState Banks during the second quarter worth $249,000. Phocas Financial Corp. raised its position in CenterState Banks by 4.7% during the second quarter. Phocas Financial Corp. now owns 679,241 shares of the financial services provider’s stock worth $16,886,000 after acquiring an additional 30,268 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in CenterState Banks during the second quarter worth $642,000. Public Employees Retirement System of Ohio raised its position in CenterState Banks by 59.2% during the second quarter. Public Employees Retirement System of Ohio now owns 138,500 shares of the financial services provider’s stock worth $3,443,000 after acquiring an additional 51,500 shares during the period. Finally, Dean Capital Management acquired a new position in CenterState Banks during the second quarter worth $2,110,000. Institutional investors own 72.02% of the company’s stock.
A number of analysts have recently issued reports on CSFL shares. Stephens set a $29.00 price objective on shares of CenterState Banks and gave the stock a “buy” rating in a research note on Monday, August 14th. Zacks Investment Research raised shares of CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Friday, July 28th. BidaskClub raised shares of CenterState Banks from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. ValuEngine cut shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Finally, Brean Capital started coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $28.50.
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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