Zacks Investment Research downgraded shares of Centerstate Bank (NASDAQ:CSFL) from a buy rating to a hold rating in a report published on Thursday.
According to Zacks, “CenterState Banks, Inc. operates as a bank holding company. Its operating divisions consist of Commercial and Retail Banking, and Correspondent Banking and Capital Market. Commercial and Retail Banking division provides traditional deposit and lending products and services to its commercial and retail customers. Correspondent Banking and Capital Market division offers correspondent bank checking and fed funds purchased products; and safekeeping, bond accounting, and asset and liability consulting services to small to medium size financial institutions primarily in Florida, Alabama and Georgia. CenterState Banks services include demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, time deposits, safe deposit services, cash management, direct deposits, notary services, money orders, night depository, traveler’s checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers and banking by mail and by Internet. CenterStat “
CSFL has been the topic of a number of other research reports. BidaskClub lowered Centerstate Bank from a hold rating to a sell rating in a report on Saturday, September 15th. Brean Capital reissued a buy rating on shares of Centerstate Bank in a report on Sunday, September 30th. Stephens reissued a buy rating and issued a $30.00 target price on shares of Centerstate Bank in a report on Monday, November 26th. Sandler O’Neill raised Centerstate Bank from a hold rating to a buy rating and set a $29.00 target price on the stock in a report on Tuesday, November 27th. Finally, ValuEngine lowered Centerstate Bank from a hold rating to a sell rating in a report on Thursday, October 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. Centerstate Bank has a consensus rating of Hold and an average price target of $30.50.
Shares of NASDAQ:CSFL traded down $0.01 during trading on Thursday, reaching $23.42. The company had a trading volume of 1,984 shares, compared to its average volume of 489,415. The firm has a market cap of $2.24 billion, a P/E ratio of 16.87 and a beta of 0.56. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. Centerstate Bank has a fifty-two week low of $22.64 and a fifty-two week high of $32.27.
Centerstate Bank (NASDAQ:CSFL) last released its earnings results on Tuesday, October 30th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $128.96 million for the quarter, compared to analyst estimates of $125.03 million. Centerstate Bank had a return on equity of 9.02% and a net margin of 22.11%. Research analysts forecast that Centerstate Bank will post 2.06 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.71%.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Centerstate Bank by 48.9% in the third quarter. Vanguard Group Inc. now owns 7,591,063 shares of the financial services provider’s stock valued at $212,931,000 after buying an additional 2,494,350 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Centerstate Bank by 12.6% in the third quarter. BlackRock Inc. now owns 5,846,080 shares of the financial services provider’s stock valued at $163,980,000 after buying an additional 654,028 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Centerstate Bank by 19.0% in the third quarter. Dimensional Fund Advisors LP now owns 2,508,490 shares of the financial services provider’s stock valued at $70,363,000 after buying an additional 400,950 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Centerstate Bank by 25.2% in the second quarter. Schroder Investment Management Group now owns 2,378,550 shares of the financial services provider’s stock valued at $72,022,000 after buying an additional 479,125 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its stake in shares of Centerstate Bank by 62.9% in the third quarter. Macquarie Group Ltd. now owns 1,848,258 shares of the financial services provider’s stock valued at $51,844,000 after buying an additional 714,008 shares in the last quarter. Hedge funds and other institutional investors own 79.17% of the company’s stock.
About Centerstate Bank
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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