BidaskClub Downgrades Centerstate Bank (CSFL) to Sell

BidaskClub cut shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a sell rating in a research report released on Saturday.

CSFL has been the subject of a number of other research reports. Zacks Investment Research raised Centerstate Bank from a hold rating to a buy rating and set a $33.00 target price for the company in a report on Friday, July 27th. Brean Capital reaffirmed a buy rating on shares of Centerstate Bank in a report on Monday, August 6th. Raymond James lowered Centerstate Bank from an outperform rating to a market perform rating and set a $32.00 target price for the company. in a report on Tuesday, May 29th. They noted that the move was a valuation call. Finally, Sandler O’Neill lowered Centerstate Bank from a buy rating to a hold rating and set a $33.00 target price for the company. in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $31.43.

Shares of Centerstate Bank stock opened at $29.46 on Friday. Centerstate Bank has a 52-week low of $25.03 and a 52-week high of $32.27. The stock has a market capitalization of $2.48 billion, a P/E ratio of 21.19 and a beta of 0.38. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24.

Centerstate Bank (NASDAQ:CSFL) last announced its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.03. Centerstate Bank had a return on equity of 8.96% and a net margin of 21.38%. The business had revenue of $123.12 million for the quarter, compared to analysts’ expectations of $118.87 million. sell-side analysts forecast that Centerstate Bank will post 2.04 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Thursday, September 13th.

In other Centerstate Bank news, Director James H. Bingham sold 2,500 shares of Centerstate Bank stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $30.50, for a total transaction of $76,250.00. Following the completion of the transaction, the director now owns 120,573 shares of the company’s stock, valued at approximately $3,677,476.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.35% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Moody Aldrich Partners LLC grew its holdings in Centerstate Bank by 94.5% during the 2nd quarter. Moody Aldrich Partners LLC now owns 210,416 shares of the financial services provider’s stock valued at $6,275,000 after buying an additional 102,227 shares in the last quarter. Schroder Investment Management Group grew its holdings in Centerstate Bank by 25.2% during the 2nd 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. Nomura Holdings Inc. purchased a new position in shares of Centerstate Bank during the second quarter worth about $258,000. California Public Employees Retirement System grew its holdings in shares of Centerstate Bank by 83.5% during the second quarter. California Public Employees Retirement System now owns 110,535 shares of the financial services provider’s stock worth $3,296,000 after purchasing an additional 50,282 shares in the last quarter. Finally, MetLife Investment Advisors LLC grew its holdings in shares of Centerstate Bank by 48.4% during the second quarter. MetLife Investment Advisors LLC now owns 37,918 shares of the financial services provider’s stock worth $1,131,000 after purchasing an additional 12,374 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Centerstate Bank Company Profile

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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