UPDATE: KBW Lowers PT on CenterState Banks to $7
KBW is out with its report today on CenterState Banks (NASDAQ: CSFL), lowering its PT to $7.
In its report, KBW writes, "CenterState beat expectations on a lower provision. NPL inflows slowed materially to only $7 mm from an average of $20 mm plus over the last year. The margin benefited from an accounting adjustment from its expected covered cash flows. We are raising 2011 and lowering 2012 and 2013 EPS estimates slightly. We are also lowering our price target to $7 per share. Outperform rating remains unchanged."
At the time of posting, shares of CSFL were trading at $5.19, down 2.81% from Monday's close.
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