ValuEngine lowered shares of CenterState Banks, Inc. (NASDAQ:CSFL) from a buy rating to a hold rating in a research report released on Thursday.

CSFL has been the topic of a number of other reports. Brean Capital assumed coverage on CenterState Banks in a research report on Tuesday, August 29th. They set a hold rating on the stock. Stephens set a $29.00 target price on CenterState Banks and gave the company a buy rating in a research report on Monday, August 14th. BidaskClub downgraded CenterState Banks from a hold rating to a sell rating in a research report on Saturday, August 12th. Finally, Zacks Investment Research raised shares of CenterState Banks from a hold rating to a buy rating and set a $28.00 price target on the stock in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $28.50.

CenterState Banks (CSFL) opened at 22.96 on Thursday. CenterState Banks has a 52-week low of $17.09 and a 52-week high of $26.94. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 18.98 and a beta of 0.60. The company’s 50-day moving average price is $24.60 and its 200-day moving average price is $24.92.

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CenterState Banks announced that its board has approved a share buyback plan on Thursday, September 7th that allows the company to repurchase 3,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

In other CenterState Banks news, Director Charles W. Mcpherson acquired 3,600 shares of the business’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 acquisition, the director now owns 27,144 shares in the company, valued at $671,814. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David G. Salyers acquired 2,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was acquired at an average price of $22.49 per share, with a total value of $44,980.00. Following the acquisition, the director now owns 3,000 shares in the company, valued at approximately $67,470. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,600 shares of company stock valued at $158,070. 3.65% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in CSFL. Advisor Group Inc. raised its holdings in CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 115 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in CenterState Banks in the 1st quarter valued at about $104,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in CenterState Banks by 248.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 3,000 shares during the last quarter. Globeflex Capital L P acquired a new stake in CenterState Banks in the 2nd quarter valued at about $115,000. Finally, BNP Paribas Arbitrage SA raised its holdings in CenterState Banks by 2,146.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 5,410 shares during the last quarter. Institutional investors own 72.02% of the company’s stock.

About CenterState Banks

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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