Centerstate Bank (CSFL) Reaches New 52-Week Low at $22.64

Centerstate Bank Corp (NASDAQ:CSFL)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $22.64 and last traded at $23.08, with a volume of 23342 shares trading hands. The stock had previously closed at $23.45.

Several research firms have issued reports on CSFL. Zacks Investment Research upgraded Centerstate Bank from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research note on Thursday, November 29th. Sandler O’Neill upgraded Centerstate Bank from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Tuesday, November 27th. BidaskClub lowered Centerstate Bank from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Brean Capital reiterated a “buy” rating on shares of Centerstate Bank in a research note on Monday, October 29th. Finally, Stephens reiterated a “buy” rating and issued a $30.00 target price on shares of Centerstate Bank in a research note on Monday, November 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $30.50.

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $2.24 billion, a PE ratio of 16.86 and a beta of 0.56.

Centerstate Bank (NASDAQ:CSFL) last posted its earnings results on Tuesday, October 30th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $128.96 million for the quarter, compared to analyst estimates of $125.03 million. Centerstate Bank had a return on equity of 9.02% and a net margin of 22.11%. On average, analysts expect that Centerstate Bank Corp will post 2.06 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, December 13th.

In other Centerstate Bank news, Director David G. Salyers purchased 2,000 shares of the stock in a transaction on Friday, December 7th. The stock was acquired at an average price of $22.91 per share, with a total value of $45,820.00. Following the completion of the acquisition, the director now owns 7,392 shares in the company, valued at $169,350.72. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles W. Mcpherson purchased 4,000 shares of the 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 acquisition, the director now owns 33,437 shares of the company’s stock, valued at approximately $834,921.89. The disclosure for this purchase can be found here. 2.35% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc boosted its holdings in Centerstate Bank by 19.0% in the second quarter. Legal & General Group Plc now owns 13,043 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 2,079 shares in the last quarter. Globeflex Capital L P lifted its holdings in shares of Centerstate Bank by 13.2% during the second quarter. Globeflex Capital L P now owns 23,100 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 2,700 shares during the period. Aperio Group LLC lifted its holdings in shares of Centerstate Bank by 34.2% during the second quarter. Aperio Group LLC now owns 10,976 shares of the financial services provider’s stock worth $327,000 after purchasing an additional 2,798 shares during the period. Summit Global Investments lifted its holdings in shares of Centerstate Bank by 14.7% during the third quarter. Summit Global Investments now owns 24,200 shares of the financial services provider’s stock worth $679,000 after purchasing an additional 3,100 shares during the period. Finally, IndexIQ Advisors LLC lifted its holdings in shares of Centerstate Bank by 3.9% during the third quarter. IndexIQ Advisors LLC now owns 85,686 shares of the financial services provider’s stock worth $2,403,000 after purchasing an additional 3,235 shares during the period. 79.17% of the stock is owned by institutional investors and hedge funds.

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Centerstate Bank Company Profile (NASDAQ:CSFL)

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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