Central Pacific Financial (NYSE:CPF) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Central Pacific Financial (NYSE:CPF) announced its earnings results on Wednesday. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03, reports. Central Pacific Financial had a net margin of 16.44% and a return on equity of 11.34%. The business had revenue of $61.43 million for the quarter, compared to analyst estimates of $60.78 million.

Central Pacific Financial Price Performance

CPF traded down $0.64 on Friday, reaching $20.12. 152,429 shares of the company’s stock were exchanged, compared to its average volume of 194,065. The stock has a market cap of $544.04 million, a PE ratio of 9.81 and a beta of 1.15. Central Pacific Financial has a twelve month low of $13.22 and a twelve month high of $22.00. The stock’s fifty day moving average price is $19.13 and its 200-day moving average price is $18.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.86.

Central Pacific Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $0.26 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.04 annualized dividend and a dividend yield of 5.17%. Central Pacific Financial’s dividend payout ratio (DPR) is 50.73%.

Insider Buying and Selling

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $19.00, for a total transaction of $63,327.00. Following the transaction, the director now directly owns 85,356 shares in the company, valued at $1,621,764. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 9,999 shares of company stock worth $192,547. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Central Pacific Financial

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

Wall Street Analysts Forecast Growth

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

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.