Wunderlich Securities Reiterates Buy, $9 Target on CenterState Banks

Wunderlich Securities maintains its Buy rating and $9 target price on CenterState Banks

on solid results for the fourth quarter. Wunderlich Securities comments, "CSFL reported 4Q11 operating EPS of $0.47 (vs. our $0.40 estimate) that were generally in line with prior company guidance. Results for the quarter were impacted by a previously announced $46 million pre-tax bargain purchase gain used to offset a $12.4 million pre-tax loss on the sale of roughly $26 million of problem loans, which led to a 37% decline in NPLs. These actions allow investors to re-focus on CenterState as a well-positioned community bank whose shares should move materially higher as the economy improves over the course of 2012. CSFL closed at $7.05 a share on Tuesday.