BidaskClub downgraded shares of CenterState Banks (NASDAQ:CSFL) from a hold rating to a sell rating in a research report report published on Thursday morning.

Several other equities research analysts have also recently commented on the company. Stephens set a $29.00 target price on CenterState Banks and gave the stock a buy rating in a report on Monday, August 14th. Brean Capital initiated coverage on CenterState Banks in a report on Tuesday, August 29th. They set a hold rating on the stock. ValuEngine cut CenterState Banks from a buy rating to a hold rating in a report on Thursday, September 7th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $28.00 price target on shares of CenterState Banks in a report on Tuesday, October 3rd. Finally, Zacks Investment Research cut CenterState Banks from a strong-buy rating to a hold rating in a report on Monday, October 9th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $28.33.

CenterState Banks (CSFL) traded down $0.02 on Thursday, hitting $26.85. The stock had a trading volume of 216,900 shares, compared to its average volume of 283,821. The company has a market capitalization of $1,613.88, a PE ratio of 19.32 and a beta of 0.55. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.85 and a current ratio of 0.85. CenterState Banks has a 52 week low of $21.77 and a 52 week high of $27.95.

CenterState Banks declared that its board has authorized a stock repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. CenterState Banks’s dividend payout ratio is currently 12.60%.

In related news, insider Ernest S. Pinner sold 20,186 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $27.31, for a total value of $551,279.66. Following the sale, the insider now owns 131,766 shares of the company’s stock, valued at $3,598,529.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael F. Ciferri acquired 4,500 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were purchased at an average cost of $22.66 per share, for a total transaction of $101,970.00. Following the completion of the purchase, the director now directly owns 307,237 shares of the company’s stock, valued at approximately $6,961,990.42. The disclosure for this purchase can be found here. Insiders own 3.65% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Alps Advisors Inc. lifted its holdings in CenterState Banks by 0.3% in the second quarter. Alps Advisors Inc. now owns 18,618 shares of the financial services provider’s stock valued at $463,000 after buying an additional 48 shares during the period. Advisor Group Inc. lifted its position in shares of CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 115 shares during the period. Intrust Bank NA lifted its position in shares of CenterState Banks by 3.1% in the 2nd quarter. Intrust Bank NA now owns 17,331 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 518 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of CenterState Banks by 18.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 730 shares during the period. Finally, Tudor Investment Corp ET AL lifted its position in shares of CenterState Banks by 10.8% in the 2nd quarter. Tudor Investment Corp ET AL now owns 11,178 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 1,092 shares during the period. 75.84% of the stock is currently owned by hedge funds and other institutional investors.

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CenterState Banks Company Profile

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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