Ameriprise Financial Inc. Boosts Position in CenterState Banks, Inc. (CSFL)
Ameriprise Financial Inc. increased its position in CenterState Banks, Inc. (NASDAQ:CSFL) by 12.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 448,221 shares of the financial services provider’s stock after purchasing an additional 49,451 shares during the period. Ameriprise Financial Inc. owned 0.75% of CenterState Banks worth $11,142,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. BlackRock Inc. grew its stake in CenterState Banks by 20,548.4% in the first quarter. BlackRock Inc. now owns 3,504,246 shares of the financial services provider’s stock worth $90,760,000 after purchasing an additional 3,487,275 shares in the last quarter. Vanguard Group Inc. grew its stake in CenterState Banks by 9.3% in the first quarter. Vanguard Group Inc. now owns 2,074,300 shares of the financial services provider’s stock worth $53,725,000 after purchasing an additional 176,169 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in CenterState Banks by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,998,123 shares of the financial services provider’s stock worth $51,752,000 after purchasing an additional 20,331 shares in the last quarter. Channing Capital Management LLC grew its stake in CenterState Banks by 57.2% in the second quarter. Channing Capital Management LLC now owns 1,900,665 shares of the financial services provider’s stock worth $47,251,000 after purchasing an additional 691,476 shares in the last quarter. Finally, State Street Corp grew its stake in CenterState Banks by 20.8% in the first quarter. State Street Corp now owns 1,415,538 shares of the financial services provider’s stock worth $36,662,000 after purchasing an additional 243,569 shares in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
In other CenterState Banks news, Director Michael F. Ciferri bought 4,500 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were acquired at an average price of $22.66 per share, with a total value of $101,970.00. Following the completion of the purchase, the director now directly owns 307,237 shares in the company, valued at approximately $6,961,990.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David G. Salyers bought 2,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average cost of $22.49 per share, for a total transaction of $44,980.00. Following 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. In the last three months, insiders purchased 11,100 shares of company stock worth $260,040. 3.65% of the stock is currently owned by insiders.
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A number of equities analysts recently commented on the company. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $28.00 target price on shares of CenterState Banks in a report on Tuesday, October 3rd. Zacks Investment Research cut shares of CenterState Banks from a “strong-buy” rating to a “hold” rating in a report on Monday. Stephens set a $29.00 target price on shares of CenterState Banks and gave the stock a “buy” rating in a report on Monday, August 14th. Finally, Brean Capital began coverage on shares of CenterState Banks in a report on Tuesday, August 29th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $28.33.
CenterState Banks, Inc. (CSFL) opened at 27.35 on Wednesday. CenterState Banks, Inc. has a one year low of $17.72 and a one year high of $27.35. The firm has a 50-day moving average of $25.24 and a 200-day moving average of $25.00. The company has a market cap of $1.64 billion, a PE ratio of 22.60 and a beta of 0.60.
CenterState Banks announced that its Board of Directors has authorized a stock buyback program on Thursday, September 7th that permits the company to buyback 3,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are 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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