CenterState Banks Inc. (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
Separately, Keefe, Bruyette & Woods increased their price objective on CenterState Banks from $17.00 to $18.00 and gave the company a “market perform” rating in a report on Wednesday, July 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $18.50.
Shares of CenterState Banks (NASDAQ:CSFL) opened at 17.89 on Tuesday. CenterState Banks has a 12 month low of $12.57 and a 12 month high of $18.27. The company’s 50-day moving average price is $17.70 and its 200-day moving average price is $16.19. The company has a market cap of $858.81 million, a price-to-earnings ratio of 26.86 and a beta of 0.80.
CenterState Banks (NASDAQ:CSFL) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.04. CenterState Banks had a return on equity of 7.61% and a net margin of 14.11%. Analysts anticipate that CenterState Banks will post $1.24 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.04 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.16 annualized dividend and a dividend yield of 0.89%. CenterState Banks’s dividend payout ratio is currently 23.88%.
Several large investors have recently bought and sold shares of CSFL. Victory Capital Management Inc. increased its stake in CenterState Banks by 7.8% in the second quarter. Victory Capital Management Inc. now owns 69,875 shares of the financial services provider’s stock valued at $1,100,000 after buying an additional 5,075 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of CenterState Banks by 311.7% in the first quarter. Fisher Asset Management LLC now owns 142,037 shares of the financial services provider’s stock worth $2,220,000 after buying an additional 107,539 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of CenterState Banks during the second quarter worth about $6,817,000. TIAA CREF Investment Management LLC increased its stake in shares of CenterState Banks by 35.4% in the first quarter. TIAA CREF Investment Management LLC now owns 296,212 shares of the financial services provider’s stock worth $4,411,000 after buying an additional 77,419 shares during the period. Finally, Royce & Associates LP increased its stake in shares of CenterState Banks by 0.9% in the first quarter. Royce & Associates LP now owns 484,641 shares of the financial services provider’s stock worth $7,216,000 after buying an additional 4,500 shares during the period. Hedge funds and other institutional investors own 71.94% of the company’s stock.
CenterState Banks Company Profile
CenterState Banks, Inc (CSFL) is a bank holding company, which owns CenterState Bank of Florida, N.A. (CSB or the Bank) and a non-bank subsidiary, R4ALL, Inc (R4ALL). The Company’s basic 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, travelers’ checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers, and banking by mail and by Internet.
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