PNC Financial Services Group Inc. lowered its holdings in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 22.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,217 shares of the financial services provider’s stock after selling 31,301 shares during the period. PNC Financial Services Group Inc. owned 0.12% of Centerstate Bank worth $3,119,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Parallel Advisors LLC acquired a new stake in Centerstate Bank during the 3rd quarter worth $114,000. IFP Advisors Inc lifted its stake in shares of Centerstate Bank by 300.0% in the 3rd quarter. IFP Advisors Inc now owns 6,320 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 4,740 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Centerstate Bank in the 2nd quarter worth $208,000. BB&T Securities LLC acquired a new stake in shares of Centerstate Bank in the 2nd quarter worth $213,000. Finally, Gardner Russo & Gardner LLC acquired a new stake in shares of Centerstate Bank in the 2nd quarter worth $218,000. Hedge funds and other institutional investors own 79.17% of the company’s stock.
CSFL stock opened at $23.02 on Friday. Centerstate Bank Corp has a one year low of $22.65 and a one year high of $32.27. The firm has a market capitalization of $2.24 billion, a PE ratio of 16.86 and a beta of 0.56. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.22.
Centerstate Bank (NASDAQ:CSFL) last released its earnings results on Tuesday, October 30th. The financial services provider reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. The company had revenue of $128.96 million during the quarter, compared to analysts’ expectations of $125.03 million. As a group, research analysts expect that Centerstate Bank Corp will post 2.06 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, December 13th.
Several analysts have recently commented on the stock. Brean Capital restated a “buy” rating on shares of Centerstate Bank in a research note on Sunday, September 30th. BidaskClub cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Saturday, September 15th. Zacks Investment Research upgraded shares of Centerstate Bank from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a research note on Thursday, November 29th. Sandler O’Neill upgraded shares of Centerstate Bank from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Tuesday, November 27th. Finally, ValuEngine cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Centerstate Bank currently has an average rating of “Hold” and an average price target of $30.50.
In related news, Director David G. Salyers purchased 2,000 shares of the business’s stock in a transaction dated Friday, December 7th. The stock was acquired at an average price of $22.91 per share, for a total transaction of $45,820.00. Following the acquisition, the director now directly owns 7,392 shares of the company’s stock, valued at approximately $169,350.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Charles W. Mcpherson purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was bought at an average price of $24.97 per share, with a total value of $99,880.00. Following the acquisition, the director now directly owns 33,437 shares in the company, valued at $834,921.89. The disclosure for this purchase can be found here. 2.35% of the stock is currently owned by company insiders.
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Centerstate Bank Company Profile
CenterState Bank Corporation operates as the holding company for CenterState Bank, N.A. that provides various consumer and commercial banking services to individuals, businesses, and industries in Florida. The company's deposit products include savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.
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