CenterState Banks’ (NASDAQ:CSFL) “Hold” Rating Reiterated at Keefe, Bruyette & Woods

CenterState Banks, Inc. (NASDAQ:CSFL)‘s stock had its “hold” rating restated by analysts at Keefe, Bruyette & Woods in a report issued on Thursday, October 26th. They presently have a $29.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 13.59% from the company’s previous close.

Several other equities analysts have also issued reports on CSFL. BidaskClub lowered CenterState Banks from a “hold” rating to a “sell” rating in a research report 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. Brean Capital started coverage on CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Friday, July 28th. Finally, ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $28.33.

Shares of CenterState Banks (NASDAQ CSFL) traded down $0.03 during mid-day trading on Thursday, reaching $25.53. The company had a trading volume of 128,900 shares, compared to its average volume of 264,315. The firm has a market capitalization of $1,534.53, a price-to-earnings ratio of 18.37 and a beta of 0.57. CenterState Banks has a 1 year low of $19.66 and a 1 year high of $27.78. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.85 and a current ratio of 0.85.

CenterState Banks declared that its Board of Directors has approved a share repurchase plan on Thursday, September 7th that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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In other news, Director Charles W. Mcpherson bought 3,600 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the transaction, the director now owns 27,144 shares of the company’s stock, valued at $671,814. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Jennifer Idell sold 2,351 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.00, for a total value of $63,477.00. Following the completion of the transaction, the chief financial officer now owns 9,053 shares of the company’s stock, valued at $244,431. The disclosure for this sale can be found here. Over the last three months, insiders have bought 11,100 shares of company stock worth $260,040. 3.65% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership bought a new position in shares of CenterState Banks during the second quarter worth about $274,000. Bank of America Corp DE raised its position in shares of CenterState Banks by 225.3% during the first quarter. Bank of America Corp DE now owns 69,611 shares of the financial services provider’s stock worth $1,803,000 after acquiring an additional 48,215 shares during the last quarter. Northern Trust Corp grew its stake in CenterState Banks by 10.3% during the second quarter. Northern Trust Corp now owns 647,950 shares of the financial services provider’s stock worth $16,107,000 after purchasing an additional 60,609 shares during the period. Schwab Charles Investment Management Inc. grew its stake in CenterState Banks by 6.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 230,515 shares of the financial services provider’s stock worth $5,731,000 after purchasing an additional 14,278 shares during the period. Finally, Channing Capital Management LLC grew its stake in CenterState Banks by 15.5% during the third quarter. Channing Capital Management LLC now owns 2,195,409 shares of the financial services provider’s stock worth $58,837,000 after purchasing an additional 294,744 shares during the period. Institutional investors own 71.21% 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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