Kennedy Capital Management Inc. lowered its stake in shares of CenterState Banks, Inc. (NASDAQ:CSFL) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 228,035 shares of the financial services provider’s stock after selling 7,065 shares during the quarter. Kennedy Capital Management Inc. owned about 0.38% of CenterState Banks worth $5,669,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CSFL. Russell Investments Group Ltd. increased its position in CenterState Banks by 1.1% during the first quarter. Russell Investments Group Ltd. now owns 304,191 shares of the financial services provider’s stock worth $7,878,000 after acquiring an additional 3,430 shares during the period. Wells Fargo & Company MN boosted its stake in CenterState Banks by 2.2% during the first quarter. Wells Fargo & Company MN now owns 1,056,181 shares of the financial services provider’s stock worth $27,355,000 after buying an additional 23,020 shares in the last quarter. First Trust Advisors LP boosted its stake in CenterState Banks by 112.8% during the first quarter. First Trust Advisors LP now owns 277,133 shares of the financial services provider’s stock worth $7,178,000 after buying an additional 146,894 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in CenterState Banks by 30.9% during the first quarter. Bank of New York Mellon Corp now owns 635,431 shares of the financial services provider’s stock worth $16,457,000 after buying an additional 150,090 shares in the last quarter. Finally, Swiss National Bank boosted its stake in CenterState Banks by 10.4% during the first quarter. Swiss National Bank now owns 84,696 shares of the financial services provider’s stock worth $2,194,000 after buying an additional 8,000 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Michael F. Ciferri acquired 4,500 shares of the stock in a transaction on Tuesday, September 12th. The shares were purchased at an average price of $22.66 per share, for a total transaction of $101,970.00. Following the transaction, the director now directly owns 307,237 shares of the company’s stock, valued at $6,961,990.42. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David G. Salyers acquired 2,000 shares of the stock in a transaction on Thursday, September 7th. The shares were purchased at an average price of $22.49 per share, for a total transaction of $44,980.00. Following 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. In the last 90 days, insiders purchased 11,100 shares of company stock worth $260,040. 3.65% of the stock is owned by company insiders.

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Shares of CenterState Banks, Inc. (NASDAQ CSFL) opened at 24.75 on Thursday. The firm’s 50-day moving average is $24.55 and its 200-day moving average is $24.89. CenterState Banks, Inc. has a 1-year low of $17.09 and a 1-year high of $26.94. The firm has a market cap of $1.49 billion, a P/E ratio of 20.45 and a beta of 0.60.

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 reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

CSFL has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of CenterState Banks from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Thursday, June 8th. ValuEngine downgraded shares of CenterState Banks from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Stephens set a $29.00 price target on shares of CenterState Banks and gave the stock a “buy” rating in a research note on Monday, August 14th. BidaskClub downgraded shares of CenterState Banks from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Brean Capital initiated coverage on shares of CenterState Banks in a research note on Tuesday, August 29th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $28.50.

CenterState Banks Profile

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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Institutional Ownership by Quarter for CenterState Banks (NASDAQ:CSFL)

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