Keefe, Bruyette & Woods Reaffirms Hold Rating for CenterState Banks, Inc. (CSFL)
CenterState Banks, Inc. (NASDAQ:CSFL)‘s stock had its “hold” rating restated by research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Tuesday. They currently have a $28.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 3.93% from the company’s current price.
Several other analysts also recently issued reports on CSFL. ValuEngine downgraded CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital assumed 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 price objective on CenterState Banks and gave the stock a “buy” rating in a research report on Monday, August 14th. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Finally, Zacks Investment Research raised CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $28.33.
Shares of CenterState Banks (CSFL) traded up 0.22% on Tuesday, reaching $26.94. The company had a trading volume of 274,288 shares. CenterState Banks has a 52-week low of $17.47 and a 52-week high of $27.02. The company’s 50-day moving average price is $24.88 and its 200-day moving average price is $24.93. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 22.26 and a beta of 0.60.
CenterState Banks declared that its Board of Directors has approved a stock buyback program on Thursday, September 7th that allows the company to buyback 3,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
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In related news, Director David G. Salyers purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the purchase, the director now owns 3,000 shares in the company, valued at approximately $67,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles W. Mcpherson purchased 3,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was bought at an average price of $24.75 per share, with a total value of $89,100.00. Following the completion of the purchase, the director now owns 27,144 shares of the company’s stock, valued at approximately $671,814. The disclosure for this purchase can be found here. Insiders have bought 11,100 shares of company stock worth $260,040 over the last ninety days. Insiders own 3.65% of the company’s stock.
A number of large investors have recently modified their holdings of CSFL. Ronald Blue & Co. LLC increased its stake in CenterState Banks by 0.3% during the 2nd quarter. Ronald Blue & Co. LLC now owns 9,008 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 28 shares during the period. Alps Advisors Inc. raised its holdings in CenterState Banks by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock valued at $463,000 after acquiring an additional 48 shares in the last quarter. Advisor Group Inc. raised its holdings in CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 115 shares in the last quarter. Legal & General Group Plc raised its holdings in CenterState Banks by 1.6% in the 1st quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock valued at $309,000 after acquiring an additional 192 shares in the last quarter. Finally, Creative Planning raised its holdings in CenterState Banks by 2.8% in the 2nd quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock valued at $201,000 after acquiring an additional 218 shares in the last quarter. 71.51% of the stock is currently owned by institutional investors and hedge funds.
CenterState Banks Company Profile
CenterState Bank Corporation, formerly 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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