Centerstate Bank (CSFL) Lifted to “Buy” at BidaskClub

BidaskClub upgraded shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a buy rating in a research note published on Tuesday.

Several other equities research analysts have also commented on CSFL. ValuEngine lowered shares of Centerstate Bank from a hold rating to a sell rating in a research note on Thursday, October 18th. Brean Capital reissued a buy rating on shares of Centerstate Bank in a research note on Monday, October 22nd. Zacks Investment Research lowered shares of Centerstate Bank from a buy rating to a hold rating in a research note on Tuesday, November 6th. Stephens reissued a buy rating and set a $30.00 price objective on shares of Centerstate Bank in a research note on Monday, November 26th. Finally, Sandler O’Neill raised shares of Centerstate Bank from a hold rating to a buy rating and set a $29.00 price objective on the stock in a research note on Tuesday, November 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $28.50.

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NASDAQ:CSFL opened at $26.09 on Tuesday. Centerstate Bank has a one year low of $19.55 and a one year high of $32.27. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 0.90.

Centerstate Bank (NASDAQ:CSFL) last posted its quarterly earnings data on Tuesday, January 22nd. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Centerstate Bank had a net margin of 22.11% and a return on equity of 9.02%. On average, sell-side analysts forecast that Centerstate Bank will post 2.08 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This is a boost from Centerstate Bank’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a yield of 1.69%.

In other news, Director Charles W. Mcpherson bought 4,000 shares of the firm’s stock in a transaction on Wednesday, November 28th. The stock was acquired at an average cost of $24.97 per share, with a total value of $99,880.00. Following the completion of the acquisition, the director now owns 33,437 shares of the company’s stock, valued at $834,921.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Ernest S. Pinner bought 1,425 shares of the firm’s stock in a transaction on Wednesday, December 19th. The stock was purchased at an average cost of $21.07 per share, with a total value of $30,024.75. Following the completion of the acquisition, the chairman now directly owns 115,117 shares of the company’s stock, valued at approximately $2,425,515.19. The disclosure for this purchase can be found here. Insiders acquired 13,225 shares of company stock valued at $303,655 over the last ninety days. Corporate insiders own 2.35% of the company’s stock.

Institutional investors have recently modified their holdings of the business. California Public Employees Retirement System raised its holdings in shares of Centerstate Bank by 83.5% during the second 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. Northern Trust Corp raised its holdings in shares of Centerstate Bank by 28.5% during the second quarter. Northern Trust Corp now owns 916,279 shares of the financial services provider’s stock valued at $27,322,000 after purchasing an additional 202,988 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new position in shares of Centerstate Bank during the third quarter valued at approximately $2,696,000. First Hawaiian Bank purchased a new position in shares of Centerstate Bank during the third quarter valued at approximately $313,000. Finally, Tributary Capital Management LLC purchased a new position in shares of Centerstate Bank during the third quarter valued at approximately $407,000. 79.29% of the stock is owned by institutional investors and hedge funds.

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.

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