Keefe, Bruyette & Woods Downgrades CenterState Banks (CSFL) to Market Perform; Wrap-up on 4Q11 Pre-Release

Keefe, Bruyette & Woods downgraded CenterState Banks (NASDAQ: CSFL) from Outperform to Market Perform, price target raised $1 to $8.

KBW analyst says, "CSFL preannounced two 4Q11 events: 1) completion of a $26 million bulk NPL sale, which will burden EPS by ~$0.27 in 4Q11 & 2) CSFL will record a ~$0.85/shr gain in 4Q11 from Fed Trust deal, in line with our expectations. Including 4Q11 inflows, NPAs fall dramatically to ~4% from 7.6% in 3Q. TBV climbs to $7.47/share. Adjusting EPS ests. Raising PT; lowering rating to MP, though we still like CSFL shares for long-term holders."

For an analyst ratings summary and ratings history on CenterState Banks click here. For more ratings news on CenterState Banks click here.

Shares of CenterState Banks closed at $6.99 yesterday.

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