Standard Life Aberdeen plc grew its stake in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 6.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,517,144 shares of the financial services provider’s stock after acquiring an additional 94,882 shares during the period. Standard Life Aberdeen plc owned about 1.21% of Centerstate Bank worth $37,906,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in CSFL. Credit Suisse AG lifted its stake in Centerstate Bank by 15.5% in the 4th quarter. Credit Suisse AG now owns 160,834 shares of the financial services provider’s stock worth $4,018,000 after purchasing an additional 21,558 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of Centerstate Bank by 23.6% in the 3rd quarter. Voya Investment Management LLC now owns 839,634 shares of the financial services provider’s stock valued at $20,139,000 after purchasing an additional 160,465 shares in the last quarter. Red Spruce Capital LLC bought a new position in shares of Centerstate Bank during the fourth quarter valued at about $1,438,000. State Street Corp grew its position in Centerstate Bank by 3.8% during the 4th quarter. State Street Corp now owns 3,528,614 shares of the financial services provider’s stock worth $88,145,000 after acquiring an additional 129,768 shares during the last quarter. Finally, Advisors Capital Management LLC increased its stake in Centerstate Bank by 14.3% in the 4th quarter. Advisors Capital Management LLC now owns 17,892 shares of the financial services provider’s stock worth $447,000 after purchasing an additional 2,244 shares during the period. 77.98% of the stock is owned by institutional investors and hedge funds.
Centerstate Bank stock traded up $1.50 during trading on Thursday, reaching $18.44. The company had a trading volume of 622,300 shares, compared to its average volume of 893,717. Centerstate Bank Corp has a 52 week low of $14.63 and a 52 week high of $26.79. The firm’s 50-day simple moving average is $20.82 and its 200 day simple moving average is $23.67. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 9.86 and a beta of 1.07. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.09.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, March 13th. This is an increase from Centerstate Bank’s previous quarterly dividend of $0.11. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.04%. Centerstate Bank’s payout ratio is 26.29%.
A number of equities analysts recently issued reports on the stock. Stephens downgraded shares of Centerstate Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, January 28th. BidaskClub cut Centerstate Bank from a “sell” rating to a “strong sell” rating in a research report on Thursday, February 20th. Zacks Investment Research cut Centerstate Bank from a “hold” rating to a “sell” rating in a research report on Monday. Keefe, Bruyette & Woods downgraded Centerstate Bank from an “outperform” rating to a “market perform” rating and cut their price target for the company from $27.00 to $24.50 in a research note on Wednesday, January 29th. Finally, TheStreet lowered shares of Centerstate Bank from a “b-” rating to a “c+” rating in a research report on Monday, March 9th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $25.50.
In other news, CEO John C. Corbett bought 5,000 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were bought at an average price of $17.90 per share, for a total transaction of $89,500.00. Following the purchase, the chief executive officer now owns 107,688 shares in the company, valued at $1,927,615.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David G. Salyers purchased 3,500 shares of the stock in a transaction on Wednesday, March 11th. The shares were purchased at an average cost of $16.95 per share, for a total transaction of $59,325.00. Following the acquisition, the director now directly owns 19,988 shares of the company’s stock, valued at $338,796.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 30,800 shares of company stock valued at $589,287. 2.25% of the stock is currently owned by corporate insiders.
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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