CenterState Banks, Inc. (NASDAQ:CSFL) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.41 and last traded at $27.35, with a volume of 109,286 shares changing hands. The stock had previously closed at $27.29.
A number of research firms recently issued reports on CSFL. Zacks Investment Research lowered shares of CenterState Banks from a “hold” rating to a “sell” rating in a research note on Tuesday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a research note on Tuesday, October 3rd. ValuEngine lowered shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Brean Capital began coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They issued a “hold” rating on the stock. Finally, Stephens set a $29.00 target price on shares of CenterState Banks and gave the company a “buy” rating in a research note on Monday, August 14th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. CenterState Banks has an average rating of “Hold” and an average target price of $28.33.
The company has a market cap of $1.65 billion, a P/E ratio of 22.69 and a beta of 0.60. The stock has a 50 day moving average of $25.67 and a 200-day moving average of $25.07.
CenterState Banks declared that its board has approved a stock buyback plan on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director David G. Salyers acquired 2,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were purchased at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following the completion of the acquisition, the director now directly owns 3,000 shares in the company, valued at $67,470. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles W. Mcpherson acquired 3,600 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was bought at an average price of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the acquisition, the director now owns 27,144 shares of the company’s stock, valued at $671,814. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 11,100 shares of company stock worth $260,040. Corporate insiders own 3.65% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CSFL. Swiss National Bank grew its stake in shares of CenterState Banks by 10.4% in the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock valued at $2,194,000 after acquiring an additional 8,000 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of CenterState Banks by 8.0% in the first quarter. Parametric Portfolio Associates LLC now owns 36,791 shares of the financial services provider’s stock valued at $953,000 after acquiring an additional 2,715 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of CenterState Banks by 24.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,311 shares of the financial services provider’s stock valued at $267,000 after acquiring an additional 2,019 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of CenterState Banks in the first quarter valued at about $104,000. Finally, American International Group Inc. grew its stake in shares of CenterState Banks by 10.6% in the first quarter. American International Group Inc. now owns 29,510 shares of the financial services provider’s stock valued at $764,000 after acquiring an additional 2,839 shares in the last quarter. Institutional investors and hedge funds own 71.49% of the company’s stock.
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About CenterState Banks
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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