Zacks Investment Research Downgrades CenterState Banks, Inc. (CSFL) to Sell

Zacks Investment Research cut shares of CenterState Banks, Inc. (NASDAQ:CSFL) from a hold rating to a sell rating in a report released on Tuesday morning.

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. “

Other equities research analysts also recently issued reports about the stock. BidaskClub raised shares of CenterState Banks from a sell rating to a hold rating in a research report on Sunday, August 6th. Brean Capital began coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They set a hold rating for the company. Stephens set a $29.00 target price on shares of CenterState Banks and gave the stock a buy rating in a research report on Monday, August 14th. Keefe, Bruyette & Woods reissued a hold rating and set a $28.00 target price on shares of CenterState Banks in a research report on Tuesday, October 3rd. Finally, ValuEngine downgraded shares of CenterState Banks from a buy rating to a hold rating in a research report on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued 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.

CenterState Banks (NASDAQ CSFL) traded up 0.80% during trading on Tuesday, hitting $27.67. 261,424 shares of the stock were exchanged. The firm’s 50-day moving average is $25.85 and its 200 day moving average is $25.11. The firm has a market cap of $1.66 billion, a PE ratio of 22.87 and a beta of 0.60. CenterState Banks has a 52 week low of $18.01 and a 52 week high of $27.70.

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CenterState Banks declared that its board has authorized a stock repurchase program on Thursday, September 7th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In other news, Director David G. Salyers purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the acquisition, the director now owns 3,000 shares in the company, valued at $67,470. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael F. Ciferri purchased 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were purchased at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the acquisition, the director now owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 11,100 shares of company stock worth $260,040. 3.65% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. boosted its holdings in CenterState Banks by 2.9% during the second quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 115 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in CenterState Banks during the first quarter worth about $104,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in CenterState Banks by 248.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 3,000 shares during the last quarter. Globeflex Capital L P purchased a new position in CenterState Banks during the second quarter worth about $115,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in CenterState Banks by 2,146.8% during the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 5,410 shares during the last quarter. Institutional investors and hedge funds own 71.49% of the company’s stock.

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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