Centerstate Bank (NASDAQ:CSFL) Downgraded to “Strong Sell” at BidaskClub

BidaskClub cut shares of Centerstate Bank (NASDAQ:CSFL) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday, June 5th, BidAskClub reports.

Other analysts have also issued research reports about the stock. ValuEngine upgraded shares of Centerstate Bank from a sell rating to a hold rating in a research note on Friday, February 8th. Zacks Investment Research lowered shares of Centerstate Bank from a hold rating to a sell rating in a research note on Tuesday, February 12th. Finally, Stephens reissued a buy rating and issued a $30.00 price target on shares of Centerstate Bank in a report on Friday, March 29th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Centerstate Bank presently has an average rating of Hold and an average price target of $28.40.

Shares of Centerstate Bank stock traded up $0.51 during midday trading on Wednesday, hitting $23.03. 1,696,300 shares of the company traded hands, compared to its average volume of 622,468. The business has a fifty day simple moving average of $22.76. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.28. Centerstate Bank has a 12 month low of $19.55 and a 12 month high of $31.24.

Centerstate Bank (NASDAQ:CSFL) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). The firm had revenue of $143.48 million during the quarter, compared to analyst estimates of $142.80 million. Centerstate Bank had a return on equity of 10.11% and a net margin of 27.51%. As a group, research analysts anticipate that Centerstate Bank will post 2.08 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Thursday, June 13th.

Several hedge funds have recently bought and sold shares of CSFL. Norges Bank bought a new position in shares of Centerstate Bank in the fourth quarter worth approximately $16,599,000. BlackRock Inc. grew its position in Centerstate Bank by 12.7% during the fourth quarter. BlackRock Inc. now owns 6,591,107 shares of the financial services provider’s stock valued at $138,679,000 after acquiring an additional 745,027 shares during the last quarter. Emerald Advisers LLC bought a new position in Centerstate Bank during the first quarter valued at approximately $11,474,000. Pennsylvania Trust Co bought a new position in Centerstate Bank during the first quarter valued at approximately $28,060,000. Finally, Macquarie Group Ltd. grew its position in Centerstate Bank by 16.8% during the fourth quarter. Macquarie Group Ltd. now owns 2,158,692 shares of the financial services provider’s stock valued at $45,419,000 after acquiring an additional 310,434 shares during the last quarter. Institutional investors own 61.41% of the company’s stock.

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. 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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