Hillcrest Asset Management LLC grew its stake in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 7.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 308,929 shares of the financial services provider’s stock after acquiring an additional 22,320 shares during the quarter. Hillcrest Asset Management LLC owned about 0.51% of Centerstate Bank worth $8,381,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Centerstate Bank by 1.3% during the 4th quarter. BlackRock Inc. now owns 3,678,064 shares of the financial services provider’s stock valued at $94,637,000 after acquiring an additional 46,353 shares during the period. Channing Capital Management LLC lifted its position in shares of Centerstate Bank by 10.1% during the 4th quarter. Channing Capital Management LLC now owns 2,416,089 shares of the financial services provider’s stock valued at $62,166,000 after acquiring an additional 220,680 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Centerstate Bank by 8.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,068,380 shares of the financial services provider’s stock worth $55,432,000 after buying an additional 168,988 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Centerstate Bank by 77.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,431,302 shares of the financial services provider’s stock worth $36,826,000 after buying an additional 623,411 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Centerstate Bank by 1,763.8% during the 4th quarter. Schroder Investment Management Group now owns 876,843 shares of the financial services provider’s stock worth $22,561,000 after buying an additional 829,798 shares during the last quarter. Hedge funds and other institutional investors own 78.85% of the company’s stock.
In other Centerstate Bank news, Director Thomas E. Oakley sold 20,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $26.80, for a total value of $536,000.00. Following the completion of the transaction, the director now owns 221,358 shares of the company’s stock, valued at approximately $5,932,394.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.65% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Thursday, March 15th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Centerstate Bank’s previous quarterly dividend of $0.06. Centerstate Bank’s dividend payout ratio is presently 18.90%.
CSFL has been the subject of several recent analyst reports. Zacks Investment Research upgraded Centerstate Bank from a “sell” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, December 26th. BidaskClub downgraded Centerstate Bank from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 3rd. Brean Capital restated a “hold” rating on shares of Centerstate Bank in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods upgraded Centerstate Bank from a “market perform” rating to an “outperform” rating in a research report on Wednesday, January 31st. Finally, SunTrust Banks initiated coverage on Centerstate Bank in a research report on Tuesday, March 6th. They set a “buy” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.00.
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About Centerstate Bank
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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