Centerstate Bank (CSFL) Cut to Hold at Zacks Investment Research

Centerstate Bank (NASDAQ:CSFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “CenterState Banks, Inc. operates as a bank holding company. Its operating divisions consist of Commercial and Retail Banking, and Correspondent Banking and Capital Market. Commercial and Retail Banking division provides traditional deposit and lending products and services to its commercial and retail customers. Correspondent Banking and Capital Market division offers correspondent bank checking and fed funds purchased products; and safekeeping, bond accounting, and asset and liability consulting services to small to medium size financial institutions primarily in Florida, Alabama and Georgia. CenterState Banks services include demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, time deposits, safe deposit services, cash management, direct deposits, notary services, money orders, night depository, traveler’s checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers and banking by mail and by Internet. CenterStat “

Other equities research analysts have also issued reports about the stock. Brean Capital reiterated a “buy” rating on shares of Centerstate Bank in a research note on Monday, October 29th. BidaskClub upgraded shares of Centerstate Bank from a “sell” rating to a “hold” rating in a research note on Friday, August 10th. Sandler O’Neill lowered shares of Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a research note on Wednesday, September 12th. Finally, ValuEngine lowered shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $31.40.

NASDAQ CSFL traded up $0.25 during mid-day trading on Thursday, reaching $24.48. The stock had a trading volume of 155,685 shares, compared to its average volume of 444,850. Centerstate Bank has a 1 year low of $22.75 and a 1 year high of $32.27. The firm has a market cap of $2.32 billion, a P/E ratio of 17.43 and a beta of 0.58. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.22.

Centerstate Bank (NASDAQ:CSFL) last announced its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. As a group, equities analysts expect that Centerstate Bank will post 2.06 earnings per share for the current fiscal year.

In other Centerstate Bank news, Director James H. Bingham sold 2,500 shares of the business’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $30.50, for a total transaction of $76,250.00. Following the completion of the sale, the director now directly owns 120,573 shares in the company, valued at approximately $3,677,476.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.35% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC bought a new stake in shares of Centerstate Bank during the 3rd quarter valued at $114,000. IFP Advisors Inc grew its position in shares of Centerstate Bank by 300.0% during the 3rd quarter. IFP Advisors Inc now owns 6,320 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 4,740 shares during the period. Zeke Capital Advisors LLC bought a new stake in shares of Centerstate Bank during the 2nd quarter valued at $205,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Centerstate Bank during the 2nd quarter valued at $208,000. Finally, MML Investors Services LLC bought a new stake in shares of Centerstate Bank during the 3rd quarter valued at $210,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

About Centerstate Bank

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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