CenterState Banks, Inc. (CSFL) Short Interest Update

CenterState Banks, Inc. (NASDAQ:CSFL) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,650,519 shares, a growth of 35.5% from the August 15th total of 1,217,884 shares. Based on an average daily trading volume, of 193,061 shares, the short-interest ratio is presently 8.5 days. Currently, 2.8% of the shares of the company are sold short.

CenterState Banks (CSFL) opened at 25.21 on Tuesday. The company has a market cap of $1.51 billion, a P/E ratio of 20.83 and a beta of 0.60. The stock has a 50 day moving average of $24.54 and a 200 day moving average of $24.89. CenterState Banks has a 52 week low of $17.09 and a 52 week high of $26.94.

CenterState Banks declared that its Board of Directors has initiated a share repurchase program on Thursday, September 7th that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

A number of analysts have recently issued reports on CSFL shares. BidaskClub raised shares of CenterState Banks from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Zacks Investment Research cut shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. ValuEngine cut shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital began coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating on the stock. Finally, Stephens set a $29.00 price target on shares of CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.50.

In other news, Director Michael F. Ciferri purchased 4,500 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was purchased at an average cost of $22.66 per share, with a total value of $101,970.00. Following the acquisition, the director now directly owns 307,237 shares in the company, valued at $6,961,990.42. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David G. Salyers purchased 2,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was purchased at an average cost of $22.49 per share, with a total value of $44,980.00. Following the completion of the acquisition, the director now owns 3,000 shares in the company, valued at $67,470. The disclosure for this purchase can be found here. Insiders purchased a total of 11,100 shares of company stock valued at $260,040 over the last quarter. 3.65% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Ronald Blue & Co. LLC grew its position in shares of CenterState Banks by 0.3% in the 2nd quarter. Ronald Blue & Co. LLC now owns 9,008 shares of the financial services provider’s stock worth $223,000 after buying an additional 28 shares during the last quarter. Alps Advisors Inc. grew its position in shares of CenterState Banks by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock worth $463,000 after buying an additional 48 shares during the last quarter. Advisor Group Inc. grew its position in shares of CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after buying an additional 115 shares during the last quarter. Legal & General Group Plc grew its position in shares of CenterState Banks by 1.6% in the 1st quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock worth $309,000 after buying an additional 192 shares during the last quarter. Finally, Creative Planning grew its position in shares of CenterState Banks by 2.8% in the 2nd quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock worth $201,000 after buying an additional 218 shares during the last quarter. 71.51% of the stock is currently owned by hedge funds and other institutional investors.

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CenterState Banks Company Profile

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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