Centerstate Bank (CSFL) Downgraded to Sell at BidaskClub

BidaskClub downgraded shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a sell rating in a research note published on Saturday morning.

Several other equities analysts have also recently weighed in on CSFL. Raymond James cut Centerstate Bank from an outperform rating to a market perform rating and set a $32.00 price objective on the stock. in a research note on Tuesday, May 29th. They noted that the move was a valuation call. Brean Capital restated a buy rating on shares of Centerstate Bank in a research note on Tuesday, July 10th. Zacks Investment Research cut Centerstate Bank from a buy rating to a hold rating in a research note on Tuesday, July 24th. Finally, Sandler O’Neill cut Centerstate Bank from a buy rating to a hold rating and set a $33.00 price objective on the stock. in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $31.43.

Shares of NASDAQ:CSFL opened at $29.46 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Centerstate Bank has a 1-year low of $25.03 and a 1-year high of $32.27. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 21.19 and a beta of 0.38.

Centerstate Bank (NASDAQ:CSFL) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. Centerstate Bank had a return on equity of 8.96% and a net margin of 21.38%. The business had revenue of $123.12 million for the quarter, compared to analysts’ expectations of $118.87 million. sell-side analysts forecast that Centerstate Bank will post 2.04 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, September 13th.

In other news, Director James H. Bingham sold 2,500 shares of Centerstate Bank stock in a transaction on Friday, August 31st. The stock was sold at an average price of $30.50, for a total transaction of $76,250.00. Following the sale, the director now directly owns 120,573 shares in the company, valued at approximately $3,677,476.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.35% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSFL. Wells Fargo & Company MN raised its stake in shares of Centerstate Bank by 6.8% during the 1st quarter. Wells Fargo & Company MN now owns 717,639 shares of the financial services provider’s stock worth $19,039,000 after purchasing an additional 45,707 shares during the period. Rhumbline Advisers raised its stake in shares of Centerstate Bank by 9.1% during the 1st quarter. Rhumbline Advisers now owns 61,947 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 5,174 shares during the period. SG Americas Securities LLC bought a new stake in shares of Centerstate Bank during the 1st quarter worth $182,000. Trexquant Investment LP bought a new stake in shares of Centerstate Bank during the 1st quarter worth $421,000. Finally, Virginia Retirement Systems ET AL raised its stake in shares of Centerstate Bank by 11.3% during the 1st quarter. Virginia Retirement Systems ET AL now owns 23,700 shares of the financial services provider’s stock worth $629,000 after purchasing an additional 2,400 shares during the period. Institutional investors own 82.47% of the company’s stock.

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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