American Century Companies Inc. boosted its holdings in CenterState Banks, Inc. (NASDAQ:CSFL) by 5.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,962 shares of the financial services provider’s stock after acquiring an additional 5,958 shares during the quarter. American Century Companies Inc. owned 0.20% of CenterState Banks worth $3,032,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CSFL. Russell Investments Group Ltd. lifted its position in CenterState Banks by 1.1% in the 1st quarter. Russell Investments Group Ltd. now owns 304,191 shares of the financial services provider’s stock valued at $7,878,000 after acquiring an additional 3,430 shares in the last quarter. Wells Fargo & Company MN lifted its position in CenterState Banks by 2.2% in the 1st quarter. Wells Fargo & Company MN now owns 1,056,181 shares of the financial services provider’s stock valued at $27,355,000 after acquiring an additional 23,020 shares in the last quarter. First Trust Advisors LP lifted its position in CenterState Banks by 112.8% in the 1st quarter. First Trust Advisors LP now owns 277,133 shares of the financial services provider’s stock valued at $7,178,000 after acquiring an additional 146,894 shares in the last quarter. Bank of New York Mellon Corp lifted its position in CenterState Banks by 30.9% in the 1st quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock valued at $16,457,000 after acquiring an additional 150,090 shares in the last quarter. Finally, Swiss National Bank lifted its position in CenterState Banks by 10.4% in the 1st 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. 72.02% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on CSFL shares. Zacks Investment Research raised CenterState Banks from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Thursday, June 8th. ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Stephens set a $29.00 price objective on CenterState Banks and gave the company a “buy” rating in a research report on Monday, August 14th. BidaskClub cut CenterState Banks from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Finally, Brean Capital started coverage on CenterState Banks in a research report on Tuesday, August 29th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. CenterState Banks has an average rating of “Hold” and an average price target of $28.50.
Shares of CenterState Banks, Inc. (NASDAQ CSFL) opened at 24.41 on Wednesday. The firm’s 50-day moving average is $24.56 and its 200-day moving average is $24.90. CenterState Banks, Inc. has a 52 week low of $17.09 and a 52 week high of $26.94. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 20.17 and a beta of 0.60.
CenterState Banks announced that its board has approved a stock buyback program on Thursday, September 7th that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other news, Director Charles W. Mcpherson bought 3,600 shares of the stock in a transaction on Tuesday, August 15th. The stock was bought at an average cost of $24.75 per share, for a total transaction of $89,100.00. Following the completion of the purchase, the director now directly owns 27,144 shares in the company, valued at $671,814. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David G. Salyers bought 2,000 shares of the stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $22.49 per share, with a total value of $44,980.00. Following the completion of the purchase, the director now owns 3,000 shares of the company’s stock, valued at $67,470. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 6,600 shares of company stock valued at $158,070. 3.65% of the stock is owned by insiders.
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CenterState Banks 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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