Zacks Investment Research Downgrades Centerstate Bank (CSFL) to Hold

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Zacks Investment Research lowered shares of Centerstate Bank (NASDAQ:CSFL) from a buy rating to a hold rating in a report issued on Monday.

According to Zacks, “CenterState Banks, Inc. operates as a bank holding company. Its operating divisions consist of Commercial and Retail Banking, and Correspondent Banking and Capital Market. Commercial and Retail Banking division provides traditional deposit and lending products and services to its commercial and retail customers. Correspondent Banking and Capital Market division offers correspondent bank checking and fed funds purchased products; and safekeeping, bond accounting, and asset and liability consulting services to small to medium size financial institutions primarily in Florida, Alabama and Georgia. CenterState Banks services include demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, time deposits, safe deposit services, cash management, direct deposits, notary services, money orders, night depository, traveler’s checks, cashier’s checks, domestic collections, savings bonds, bank drafts, automated teller services, drive-in tellers and banking by mail and by Internet. CenterStat “

Several other brokerages have also commented on CSFL. BidaskClub upgraded shares of Centerstate Bank from a sell rating to a hold rating in a report on Wednesday, September 26th. Brean Capital restated a buy rating on shares of Centerstate Bank in a report on Monday, October 22nd. Sandler O’Neill lowered 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. Raymond James upgraded shares of Centerstate Bank from a market perform rating to an outperform rating and set a $26.00 price objective for the company in a report on Monday. Finally, Stephens restated a buy rating and issued a $30.00 price objective on shares of Centerstate Bank in a report on Monday, November 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. Centerstate Bank presently has a consensus rating of Buy and a consensus price target of $28.50.

CSFL traded down $0.07 during trading on Monday, hitting $22.63. 4,544 shares of the stock traded hands, compared to its average volume of 635,130. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.90 and a quick ratio of 0.89. Centerstate Bank has a 12-month low of $19.55 and a 12-month high of $32.27.

Centerstate Bank (NASDAQ:CSFL) last announced its quarterly earnings results on Tuesday, October 30th. The financial services provider reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. The business had revenue of $128.96 million during the quarter, compared to analysts’ expectations of $125.03 million. On average, equities research analysts predict that Centerstate Bank will post 2.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 31st. Investors of record on Friday, December 14th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, December 13th. This represents a $0.40 annualized dividend and a dividend yield of 1.77%.

In other Centerstate Bank news, Director David G. Salyers purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, December 7th. The stock was bought at an average cost of $22.91 per share, for a total transaction of $45,820.00. Following the purchase, the director now directly owns 7,392 shares in the company, valued at $169,350.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles W. Mcpherson purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 28th. The stock was acquired at an average price of $24.97 per share, with a total value of $99,880.00. Following the completion of the purchase, the director now owns 33,437 shares in the company, valued at $834,921.89. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 13,225 shares of company stock valued at $303,655. 2.35% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC purchased a new stake in Centerstate Bank during the 3rd quarter valued at about $114,000. Sound Income Strategies LLC grew its position in Centerstate Bank by 12.5% during the 4th quarter. Sound Income Strategies LLC now owns 6,293 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 700 shares during the last quarter. IFP Advisors Inc grew its position in Centerstate Bank by 300.0% during the 3rd quarter. IFP Advisors Inc now owns 6,320 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 4,740 shares during the last quarter. BB&T Securities LLC purchased a new stake in Centerstate Bank during the 2nd quarter valued at about $213,000. Finally, MML Investors Services LLC purchased a new stake in Centerstate Bank during the 3rd quarter valued at about $210,000. Institutional investors own 78.98% of the company’s stock.

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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