Los Angeles Capital Management & Equity Research Inc. reduced its stake in Centerstate Bank Corp (NASDAQ:CSFL) by 7.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,702 shares of the financial services provider’s stock after selling 1,161 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Centerstate Bank were worth $288,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Bremer Trust National Association acquired a new stake in Centerstate Bank in the 4th quarter valued at $55,000. ETRADE Capital Management LLC grew its stake in Centerstate Bank by 3.7% in the 4th quarter. ETRADE Capital Management LLC now owns 48,087 shares of the financial services provider’s stock valued at $1,012,000 after acquiring an additional 1,713 shares during the period. GAM Holding AG acquired a new stake in Centerstate Bank in the 4th quarter valued at $2,720,000. BlackRock Inc. grew its stake in Centerstate Bank by 12.7% in the 4th quarter. BlackRock Inc. now owns 6,591,107 shares of the financial services provider’s stock valued at $138,679,000 after acquiring an additional 745,027 shares during the period. Finally, Toronto Dominion Bank acquired a new stake in Centerstate Bank in the 4th quarter valued at $33,000. 78.38% of the stock is owned by hedge funds and other institutional investors.
Shares of CSFL stock opened at $25.99 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.88 and a quick ratio of 0.88. Centerstate Bank Corp has a fifty-two week low of $19.55 and a fifty-two week high of $32.27.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.11 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.44 dividend on an annualized basis and a yield of 1.69%. This is a positive change from Centerstate Bank’s previous quarterly dividend of $0.10.
A number of research firms recently issued reports on CSFL. Zacks Investment Research cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. BidaskClub raised shares of Centerstate Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. ValuEngine raised shares of Centerstate Bank from a “sell” rating to a “hold” rating in a research note on Friday, February 8th. Sandler O’Neill raised shares of Centerstate Bank from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research note on Tuesday, November 27th. Finally, Brean Capital set a $31.00 price target on shares of Centerstate Bank and gave the company a “buy” rating in a research note on Tuesday, November 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.80.
In other news, Chairman Ernest S. Pinner acquired 1,425 shares of the firm’s stock in a transaction on Wednesday, December 19th. The shares were bought at an average price of $21.07 per share, for a total transaction of $30,024.75. Following the acquisition, the chairman now owns 115,117 shares of the company’s stock, valued at approximately $2,425,515.19. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Dean Young sold 25,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $25.49, for a total value of $637,250.00. Following the completion of the transaction, the chief operating officer now owns 79,026 shares in the company, valued at approximately $2,014,372.74. The disclosure for this sale can be found here. Company insiders own 2.35% of the company’s stock.
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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. The company accepts various deposit products, such as savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.
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