Eagle Asset Management Inc. Reduces Position in Centerstate Bank Corp (CSFL)
Eagle Asset Management Inc. cut its position in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 497,433 shares of the financial services provider’s stock after selling 19,589 shares during the quarter. Eagle Asset Management Inc. owned about 0.52% of Centerstate Bank worth $13,952,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UBS Group AG grew its position in Centerstate Bank by 1,070.7% in the first quarter. UBS Group AG now owns 18,052 shares of the financial services provider’s stock worth $478,000 after acquiring an additional 16,510 shares in the last quarter. Principal Financial Group Inc. grew its position in Centerstate Bank by 36.9% in the first quarter. Principal Financial Group Inc. now owns 1,018,647 shares of the financial services provider’s stock worth $27,024,000 after acquiring an additional 274,718 shares in the last quarter. Bank of Montreal Can grew its position in Centerstate Bank by 7,184.5% in the second quarter. Bank of Montreal Can now owns 106,208 shares of the financial services provider’s stock worth $3,167,000 after acquiring an additional 104,750 shares in the last quarter. Amalgamated Bank grew its position in Centerstate Bank by 41.3% in the second quarter. Amalgamated Bank now owns 11,252 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 3,290 shares in the last quarter. Finally, Zeke Capital Advisors LLC bought a new stake in Centerstate Bank in the second quarter worth approximately $205,000. Institutional investors own 77.06% of the company’s stock.
NASDAQ CSFL opened at $24.48 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.32 billion, a P/E ratio of 17.43 and a beta of 0.58. Centerstate Bank Corp has a 1 year low of $22.75 and a 1 year high of $32.27.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, December 13th.
Several research firms have commented on CSFL. Zacks Investment Research raised shares of Centerstate Bank from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Wednesday. BidaskClub raised shares of Centerstate Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Brean Capital reaffirmed a “buy” rating on shares of Centerstate Bank in a report on Monday, October 29th. ValuEngine downgraded shares of Centerstate Bank from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Sandler O’Neill downgraded shares of Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 price objective for the company. in a report on Wednesday, September 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Centerstate Bank presently has a consensus rating of “Hold” and an average price target of $31.40.
In related news, Director James H. Bingham sold 2,500 shares of the company’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $30.50, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.35% of the stock is currently owned by corporate insiders.
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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 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.
Further Reading: Return on Equity (ROE)
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