Millennium Management LLC cut its stake in shares of Centerstate Bank Corp (NASDAQ:CSFL) by 1.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,517,367 shares of the financial services provider’s stock after selling 23,397 shares during the quarter. Millennium Management LLC owned 1.80% of Centerstate Bank worth $45,248,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Centerstate Bank by 31.4% during the 2nd quarter. BlackRock Inc. now owns 5,192,052 shares of the financial services provider’s stock worth $154,827,000 after buying an additional 1,242,064 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Centerstate Bank by 9.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 2,719,194 shares of the financial services provider’s stock worth $72,141,000 after buying an additional 230,211 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Centerstate Bank by 5.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,272,236 shares of the financial services provider’s stock worth $60,283,000 after buying an additional 108,607 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Centerstate Bank by 116.6% during the 1st quarter. Schroder Investment Management Group now owns 1,899,425 shares of the financial services provider’s stock worth $50,392,000 after buying an additional 1,022,582 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Centerstate Bank by 11.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,186,200 shares of the financial services provider’s stock worth $35,373,000 after buying an additional 118,246 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.
CSFL traded down $0.59 during midday trading on Friday, hitting $25.82. The company’s stock had a trading volume of 811,058 shares, compared to its average volume of 680,921. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Centerstate Bank Corp has a 52-week low of $24.96 and a 52-week high of $32.27.
Centerstate Bank (NASDAQ:CSFL) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $118.87 million. Research analysts predict that Centerstate Bank Corp will post 2.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, September 13th.
In other news, Director James H. Bingham sold 2,500 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $30.50, for a total transaction of $76,250.00. Following the completion of the sale, the director now owns 120,573 shares in the company, valued at approximately $3,677,476.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.35% of the stock is currently owned by insiders.
Several research firms have recently issued reports on CSFL. Brean Capital set a $33.00 price target on Centerstate Bank and gave the stock a “buy” rating in a research note on Friday, August 24th. Sandler O’Neill cut Centerstate Bank from a “buy” rating to a “hold” rating and set a $33.00 price objective for the company. in a research report on Wednesday, September 12th. Zacks Investment Research cut Centerstate Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Finally, BidaskClub upgraded Centerstate Bank from a “sell” rating to a “hold” rating in a research report on Friday, August 10th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $31.43.
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 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.
Further Reading: Using the New Google Finance Tool
Receive News & Ratings for Centerstate Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centerstate Bank and related companies with MarketBeat.com's FREE daily email newsletter.