Central Pacific Financial (NYSE:CPF) Shares Gap Down to $19.96

Central Pacific Financial Corp. (NYSE:CPF) gapped down prior to trading on Wednesday . The stock had previously closed at $19.96, but opened at $19.46. Central Pacific Financial shares last traded at $20.14, with a volume of 15,144 shares trading hands.

Analyst Ratings Changes

Separately, Piper Sandler increased their price objective on Central Pacific Financial from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st.

Central Pacific Financial Trading Up 1.1 %

The company has a 50 day moving average of $19.05 and a 200 day moving average of $18.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $545.67 million, a price-to-earnings ratio of 9.21 and a beta of 1.15.

Central Pacific Financial (NYSE:CPF) last posted its quarterly earnings data on Wednesday, January 31st. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. Central Pacific Financial had a return on equity of 12.23% and a net margin of 17.82%. The firm had revenue of $89.29 million during the quarter, compared to the consensus estimate of $61.18 million. During the same period in the prior year, the company earned $0.74 EPS. On average, research analysts predict that Central Pacific Financial Corp. will post 1.98 EPS for the current fiscal year.

Central Pacific Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date of this dividend was Wednesday, February 28th. Central Pacific Financial’s dividend payout ratio (DPR) is presently 47.93%.

Insiders Place Their Bets

In other Central Pacific Financial news, Director Agnes Catherine Ngo sold 3,333 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $19.45, for a total value of $64,826.85. Following the completion of the sale, the director now directly owns 92,022 shares of the company’s stock, valued at approximately $1,789,827.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 9,999 shares of company stock valued at $192,547 in the last three months. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Central Pacific Financial

A number of hedge funds have recently modified their holdings of CPF. Tower Research Capital LLC TRC grew its holdings in shares of Central Pacific Financial by 63.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,327 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 907 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Central Pacific Financial by 660.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,488 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 2,161 shares during the period. Quantbot Technologies LP grew its holdings in shares of Central Pacific Financial by 11.8% during the 3rd quarter. Quantbot Technologies LP now owns 11,372 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 1,202 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Central Pacific Financial by 77.5% during the 3rd quarter. New York State Common Retirement Fund now owns 12,619 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 5,509 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in shares of Central Pacific Financial during the 3rd quarter worth $212,000. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

About Central Pacific Financial

Central Pacific Financial Corp. operates as the bank holding company for Central Pacific Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products and services, including checking, savings and time deposits, cash management and digital banking, trust, and retail brokerage services, as well as money market accounts and certificates of deposit.