Centerstate Bank (CSFL) Downgraded by BidaskClub

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BidaskClub cut shares of Centerstate Bank (NASDAQ:CSFL) from a hold rating to a sell rating in a report released on Friday.

Several other brokerages have also commented on CSFL. Zacks Investment Research lowered Centerstate Bank from a buy rating to a hold rating in a report on Tuesday, July 24th. Sandler O’Neill lowered Centerstate Bank from a buy rating to a hold rating and set a $33.00 price objective on the stock. in a report on Wednesday, September 12th. Brean Capital set a $33.00 price objective on Centerstate Bank and gave the company a buy rating in a report on Friday, August 24th. Finally, ValuEngine lowered Centerstate Bank from a hold rating to a sell rating in a report on Thursday. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $31.43.

CSFL traded down $0.49 during trading on Friday, hitting $25.02. The company’s stock had a trading volume of 369,825 shares, compared to its average volume of 727,756. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Centerstate Bank has a twelve month low of $24.96 and a twelve month high of $32.27. The firm has a market cap of $2.15 billion, a P/E ratio of 18.35 and a beta of 0.38.

Centerstate Bank (NASDAQ:CSFL) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. Centerstate Bank had a return on equity of 8.96% and a net margin of 21.38%. The company had revenue of $123.12 million for the quarter, compared to analyst estimates of $118.87 million. Equities research analysts forecast that Centerstate Bank will post 2.04 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Thursday, September 13th.

In other news, Director James H. Bingham sold 2,500 shares of Centerstate Bank stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $30.50, for a total value of $76,250.00. Following the sale, the director now directly owns 120,573 shares of the company’s stock, valued at $3,677,476.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.35% of the company’s stock.

Large investors have recently modified their holdings of the company. Mount Yale Investment Advisors LLC acquired a new stake in shares of Centerstate Bank in the first quarter worth approximately $117,000. Zeke Capital Advisors LLC acquired a new stake in shares of Centerstate Bank in the second quarter worth approximately $205,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Centerstate Bank in the second quarter worth approximately $208,000. BB&T Securities LLC acquired a new stake in shares of Centerstate Bank in the second quarter worth approximately $213,000. Finally, Gardner Russo & Gardner LLC acquired a new stake in shares of Centerstate Bank in the second quarter worth approximately $218,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Centerstate Bank (NASDAQ:CSFL)

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