Centerstate Bank (CSFL) Lowered to Sell at ValuEngine

ValuEngine lowered shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a sell rating in a research note released on Thursday.

A number of other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Centerstate Bank from a hold rating to a sell rating in a report on Saturday, September 15th. Brean Capital restated a buy rating on shares of Centerstate Bank in a report on Sunday, September 30th. Sandler O’Neill downgraded shares of Centerstate Bank from a buy rating to a hold rating and set a $33.00 price target on the stock. in a report on Wednesday, September 12th. Finally, Zacks Investment Research upgraded shares of Centerstate Bank from a hold rating to a buy rating and set a $33.00 price target on the stock in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $31.43.

Shares of Centerstate Bank stock traded down $0.26 during midday trading on Thursday, reaching $25.25. 6,085 shares of the company’s stock traded hands, compared to its average volume of 787,327. The company has a market capitalization of $2.20 billion, a P/E ratio of 18.79 and a beta of 0.38. 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 52 week low of $24.96 and a 52 week high of $32.27.

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

The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.40 annualized dividend and a yield of 1.58%.

In related news, Director James H. Bingham sold 2,500 shares of Centerstate Bank stock in a transaction on Friday, August 31st. The shares were sold at an average price of $30.50, for a total value of $76,250.00. Following the transaction, the director now owns 120,573 shares in the company, valued at approximately $3,677,476.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.35% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CSFL. Northern Trust Corp increased its holdings in shares of Centerstate Bank by 8.4% during the 1st quarter. Northern Trust Corp now owns 713,291 shares of the financial services provider’s stock worth $18,924,000 after purchasing an additional 55,085 shares during the period. BlackRock Inc. increased its holdings in shares of Centerstate Bank by 7.4% during the 1st quarter. BlackRock Inc. now owns 3,949,988 shares of the financial services provider’s stock worth $104,792,000 after purchasing an additional 271,924 shares during the period. California Public Employees Retirement System increased its holdings in shares of Centerstate Bank by 16.9% during the 1st quarter. California Public Employees Retirement System now owns 60,253 shares of the financial services provider’s stock worth $1,599,000 after purchasing an additional 8,693 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Centerstate Bank by 5.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,272,236 shares of the financial services provider’s stock worth $60,283,000 after purchasing an additional 108,607 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of Centerstate Bank by 5.8% during the 1st quarter. Russell Investments Group Ltd. now owns 238,374 shares of the financial services provider’s stock worth $6,324,000 after purchasing an additional 13,166 shares during the period. Hedge funds and other 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.

Further Reading: Insider Trading

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