CenterState Banks, Inc. (NASDAQ:CSFL) was down 3.9% during mid-day trading on Friday . The stock traded as low as $21.77 and last traded at $23.03. Approximately 149,804 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 244,975 shares. The stock had previously closed at $22.17.

Several equities research analysts have issued reports on CSFL shares. Zacks Investment Research upgraded CenterState Banks from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, June 8th. BidaskClub downgraded CenterState Banks from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Brean Capital started coverage on CenterState Banks in a report on Tuesday, August 29th. They issued a “hold” rating for the company. Stephens set a $29.00 price target on CenterState Banks and gave the stock a “buy” rating in a report on Monday, August 14th. Finally, ValuEngine cut CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $28.50.

The stock has a market capitalization of $1.38 billion, a P/E ratio of 18.98 and a beta of 0.60. The firm has a 50-day moving average of $24.65 and a 200-day moving average of $24.93.

CenterState Banks announced that its Board of Directors has approved a share repurchase plan on Thursday, September 7th that permits the company to repurchase 3,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director Charles W. Mcpherson bought 3,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was acquired at an average cost of $24.75 per share, with a total value of $89,100.00. Following the transaction, the director now directly owns 27,144 shares of the company’s stock, valued at approximately $671,814. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David G. Salyers bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $22.49 per share, with a total value of $44,980.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at $67,470. The disclosure for this purchase can be found here. Insiders purchased a total of 6,600 shares of company stock valued at $158,070 over the last ninety days. 3.65% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the stock. Ronald Blue & Co. LLC increased its position in CenterState Banks by 0.3% in the 2nd quarter. Ronald Blue & Co. LLC now owns 9,008 shares of the financial services provider’s stock valued at $223,000 after buying an additional 28 shares in the last quarter. Alps Advisors Inc. increased its position in CenterState Banks by 0.3% in the 2nd 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 in the last quarter. Advisor Group Inc. increased its position in CenterState Banks by 2.9% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock valued at $100,000 after buying an additional 115 shares in the last quarter. Legal & General Group Plc increased its position in CenterState Banks by 1.6% in the 1st quarter. Legal & General Group Plc now owns 11,971 shares of the financial services provider’s stock valued at $309,000 after buying an additional 192 shares in the last quarter. Finally, Creative Planning increased its position in CenterState Banks by 2.8% in the 2nd quarter. Creative Planning now owns 8,086 shares of the financial services provider’s stock valued at $201,000 after buying an additional 218 shares in the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

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About CenterState Banks

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.