Centerstate Bank (CSFL) Rating Lowered to Hold at Sandler O’Neill
Centerstate Bank (NASDAQ:CSFL) was downgraded by stock analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $33.00 target price on the financial services provider’s stock. Sandler O’Neill’s target price suggests a potential upside of 12.82% from the company’s current price.
Several other brokerages have also issued reports on CSFL. Raymond James lowered Centerstate Bank from an “outperform” rating to a “market perform” rating and set a $32.00 price target for the company. in a research note on Tuesday, May 29th. They noted that the move was a valuation call. BidaskClub lowered Centerstate Bank from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 1st. Brean Capital set a $33.00 target price on Centerstate Bank and gave the company a “buy” rating in a research note on Friday, August 24th. Finally, Zacks Investment Research lowered Centerstate Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Centerstate Bank has a consensus rating of “Buy” and an average price target of $31.43.
Shares of CSFL stock opened at $29.25 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Centerstate Bank has a 12-month low of $25.03 and a 12-month high of $32.27. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 21.83 and a beta of 0.38.
In other news, Director James H. Bingham sold 2,500 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was 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 owns 120,573 shares of the company’s stock, valued at approximately $3,677,476.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.35% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moody Aldrich Partners LLC lifted its stake in shares of Centerstate Bank by 94.5% in the 2nd quarter. Moody Aldrich Partners LLC now owns 210,416 shares of the financial services provider’s stock valued at $6,275,000 after acquiring an additional 102,227 shares during the last quarter. Schroder Investment Management Group raised its position in Centerstate Bank by 25.2% during the 2nd quarter. Schroder Investment Management Group now owns 2,378,550 shares of the financial services provider’s stock valued at $72,022,000 after purchasing an additional 479,125 shares during the last quarter. Nomura Holdings Inc. bought a new position in Centerstate Bank during the 2nd quarter valued at approximately $258,000. California Public Employees Retirement System raised its position in Centerstate Bank by 83.5% during the 2nd quarter. California Public Employees Retirement System now owns 110,535 shares of the financial services provider’s stock valued at $3,296,000 after purchasing an additional 50,282 shares during the last quarter. Finally, MetLife Investment Advisors LLC raised its position in Centerstate Bank by 48.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 37,918 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 12,374 shares during the last quarter. 82.47% of the stock is owned by institutional investors.
Centerstate Bank Company Profile
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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