Stephens Reiterates “Buy” Rating for Centerstate Bank (CSFL)

Centerstate Bank (NASDAQ:CSFL)‘s stock had its “buy” rating reissued by research analysts at Stephens in a note issued to investors on Monday. They currently have a $30.00 price target on the financial services provider’s stock. Stephens’ price objective suggests a potential upside of 22.05% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Brean Capital restated a “buy” rating on shares of Centerstate Bank in a research report on Monday, July 30th. BidaskClub cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. Zacks Investment Research cut shares of Centerstate Bank from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. Sandler O’Neill cut 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 report on Wednesday, September 12th. Finally, ValuEngine cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $31.17.

Shares of NASDAQ:CSFL traded up $0.33 during trading on Monday, reaching $24.58. 10,351 shares of the company’s stock traded hands, compared to its average volume of 367,170. 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 has a 12 month low of $22.75 and a 12 month high of $32.27.

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, beating analysts’ consensus estimates of $0.49 by $0.02. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. The business had revenue of $128.96 million during the quarter, compared to the consensus estimate of $125.03 million. As a group, analysts expect that Centerstate Bank will post 2.06 EPS for the current fiscal year.

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

Several large investors have recently modified their holdings of CSFL. Bank of America Corp DE lifted its stake in Centerstate Bank by 18.5% during the second quarter. Bank of America Corp DE now owns 406,233 shares of the financial services provider’s stock valued at $12,114,000 after purchasing an additional 63,470 shares during the last quarter. Swiss National Bank lifted its position in shares of Centerstate Bank by 4.7% in the 2nd quarter. Swiss National Bank now owns 123,696 shares of the financial services provider’s stock valued at $3,689,000 after acquiring an additional 5,500 shares in the last quarter. BlackRock Inc. lifted its position in shares of Centerstate Bank by 31.4% in the 2nd quarter. BlackRock Inc. now owns 5,192,052 shares of the financial services provider’s stock valued at $154,827,000 after acquiring an additional 1,242,064 shares in the last quarter. Tributary Capital Management LLC purchased a new stake in shares of Centerstate Bank in the 3rd quarter valued at approximately $407,000. Finally, Maltese Capital Management LLC lifted its position in shares of Centerstate Bank by 2.8% in the 2nd quarter. Maltese Capital Management LLC now owns 1,064,166 shares of the financial services provider’s stock valued at $31,733,000 after acquiring an additional 29,105 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

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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Analyst Recommendations for Centerstate Bank (NASDAQ:CSFL)

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