CenterState Banks, Inc. (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “CenterState Banks, Inc., formerly CenterState Banks of Florida, Inc., operates as a multi bank holding company, which provides consumer and commercial banking services to individuals, businesses, and industries. The Bank owns CenterState Bank Central Florida National Association, CenterState Bank National Association, CenterState Bank of Florida National Association, and Valrico State Bank (collectively, the Banks). Based in Davenport, Florida, the Company provides a range of consumer and commercial banking services to individuals, businesses, and industries. In addition, the Company make secured and unsecured commercial and real estate loans and issue stand-by letters of credit. Further, the company provides mutual funds, annuities, bonds, fixed income securities, and other products, as well as commercial checking accounts and loans to correspondent banks. “

A number of other research analysts have also commented on CSFL. BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Stephens set a $29.00 target price on CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research note on Tuesday, October 3rd. Brean Capital began coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating for the company. Finally, ValuEngine lowered CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. CenterState Banks currently has a consensus rating of “Hold” and an average price target of $28.33.

Shares of CenterState Banks (CSFL) traded down 0.18% on Tuesday, reaching $27.15. 246,511 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $25.47 and its 200-day moving average price is $25.04. The company has a market capitalization of $1.63 billion, a P/E ratio of 22.44 and a beta of 0.60. CenterState Banks has a 12 month low of $17.72 and a 12 month high of $27.40.

CenterState Banks declared that its board has initiated a stock repurchase program on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Lowers CenterState Banks, Inc. (CSFL) to Sell” was published by American Banking News and is the property of of American Banking News. If you are accessing this story on another website, it was illegally stolen and republished in violation of US & international copyright and trademark law. The correct version of this story can be read at https://www.americanbankingnews.com/2017/10/17/zacks-investment-research-lowers-centerstate-banks-inc-csfl-to-sell.html.

In related news, Director David G. Salyers acquired 2,000 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was purchased 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 directly owns 3,000 shares of the company’s stock, 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 Charles W. Mcpherson acquired 3,600 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were 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 directly owns 27,144 shares of the company’s stock, valued at $671,814. The disclosure for this purchase can be found here. Insiders have acquired 11,100 shares of company stock valued at $260,040 over the last quarter. Corporate insiders own 3.65% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in CSFL. Thomson Horstmann & Bryant acquired a new position in CenterState Banks during the fourth quarter worth $11,382,000. Boston Advisors raised its stake in CenterState Banks by 228.3% during the fourth quarter. Boston Advisors now owns 476,902 shares of the financial services provider’s stock worth $7,464,000 after acquiring an additional 331,629 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in CenterState Banks by 23.5% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 284,523 shares of the financial services provider’s stock worth $4,453,000 after acquiring an additional 54,130 shares in the last quarter. Russell Frank Co raised its stake in CenterState Banks by 10.5% during the fourth quarter. Russell Frank Co now owns 646,530 shares of the financial services provider’s stock worth $10,156,000 after acquiring an additional 61,676 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in CenterState Banks by 1.6% during the fourth quarter. California State Teachers Retirement System now owns 84,192 shares of the financial services provider’s stock worth $1,318,000 after acquiring an additional 1,298 shares in the last quarter. Hedge funds and other institutional investors own 71.49% of the company’s stock.

About CenterState Banks

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.

Get a free copy of the Zacks research report on CenterState Banks (CSFL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CenterState Banks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CenterState Banks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.