PNC Financial Services Group Inc. Sells 5,229 Shares of CenterState Banks, Inc. (CSFL)
PNC Financial Services Group Inc. lowered its stake in CenterState Banks, Inc. (NASDAQ:CSFL) by 3.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,604 shares of the financial services provider’s stock after selling 5,229 shares during the period. PNC Financial Services Group Inc. owned approximately 0.25% of CenterState Banks worth $3,793,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new position in shares of CenterState Banks in the first quarter valued at approximately $104,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of CenterState Banks by 248.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 3,000 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of CenterState Banks by 2,146.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 5,410 shares during the period. Creative Planning increased its holdings in shares of CenterState Banks by 2.8% in the second quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 218 shares during the period. Finally, Driehaus Capital Management LLC acquired a new position in shares of CenterState Banks in the first quarter valued at approximately $222,000. 71.51% of the stock is currently owned by institutional investors and hedge funds.
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A number of research analysts have recently issued reports on CSFL shares. Zacks Investment Research lowered CenterState Banks from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. BidaskClub raised CenterState Banks from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Stephens set a $29.00 target price on CenterState Banks and gave the company a “buy” rating in a report on Monday, August 14th. Finally, Brean Capital started coverage on CenterState Banks in a 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 given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.50.
In related news, Director David G. Salyers purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles W. Mcpherson purchased 3,600 shares of the business’s stock in a transaction that occurred 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 acquisition, the director now owns 27,144 shares in the company, valued at approximately $671,814. The disclosure for this purchase can be found here. In the last three months, insiders purchased 11,100 shares of company stock worth $260,040. Company insiders own 3.65% of the company’s stock.
CenterState Banks, Inc. (CSFL) opened at 26.62 on Thursday. CenterState Banks, Inc. has a 12-month low of $17.09 and a 12-month high of $26.94. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 22.00 and a beta of 0.60. The stock has a 50 day moving average price of $24.55 and a 200-day moving average price of $24.89.
CenterState Banks announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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