Prudential Financial Inc. increased its position in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 1,441.3% in the 4th quarter, HoldingsChannel reports. The fund owned 155,580 shares of the financial services provider’s stock after acquiring an additional 145,486 shares during the period. Prudential Financial Inc.’s holdings in Centerstate Bank were worth $3,273,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ramsey Quantitative Systems acquired a new position in shares of Centerstate Bank in the 4th quarter valued at $214,000. Comerica Bank lifted its stake in shares of Centerstate Bank by 35.9% in the 4th quarter. Comerica Bank now owns 206,681 shares of the financial services provider’s stock valued at $5,091,000 after purchasing an additional 54,650 shares during the period. Dean Investment Associates LLC lifted its stake in shares of Centerstate Bank by 11.4% in the 4th quarter. Dean Investment Associates LLC now owns 223,135 shares of the financial services provider’s stock valued at $4,695,000 after purchasing an additional 22,885 shares during the period. Homrich & Berg acquired a new position in shares of Centerstate Bank in the 4th quarter valued at $443,000. Finally, Stevens Capital Management LP acquired a new position in shares of Centerstate Bank in the 4th quarter valued at $278,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.
Several equities analysts recently issued reports on CSFL shares. Zacks Investment Research upgraded 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 note on Wednesday, November 21st. Stephens restated a “buy” rating and set a $30.00 price objective on shares of Centerstate Bank in a research report on Monday, November 26th. Brean Capital set a $31.00 price objective on shares of Centerstate Bank and gave the stock a “buy” rating in a research report on Tuesday, November 27th. Sandler O’Neill upgraded shares of Centerstate Bank from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Tuesday, November 27th. Finally, BidaskClub cut shares of Centerstate Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, December 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.80.
Centerstate Bank (NASDAQ:CSFL) last posted its quarterly earnings data on Tuesday, January 22nd. The financial services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.02. Centerstate Bank had a net margin of 27.64% and a return on equity of 10.45%. Research analysts expect that Centerstate Bank Corp will post 2.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, March 14th. This is a boost from Centerstate Bank’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.72%.
In other news, COO Stephen Dean Young sold 25,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $25.49, for a total value of $637,250.00. Following the completion of the sale, the chief operating officer now directly owns 79,026 shares in the company, valued at $2,014,372.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Ernest S. Pinner bought 1,425 shares of Centerstate Bank stock in a transaction dated Wednesday, December 19th. The stock was acquired at an average price of $21.07 per share, with a total value of $30,024.75. Following the completion of the transaction, the chairman now directly owns 115,117 shares of the company’s stock, valued at $2,425,515.19. The disclosure for this purchase can be found here. Corporate insiders own 2.35% 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. The company accepts various deposit products, such as savings, demand, negotiable order of withdrawal, and money market deposit accounts, as well as certificates of deposit and time deposits.
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