Short Interest in Central Pacific Financial Corp. (NYSE:CPF) Increases By 55.8%

Central Pacific Financial Corp. (NYSE:CPF) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 691,100 shares, an increase of 55.8% from the March 31st total of 443,600 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily trading volume, of 184,600 shares, the days-to-cover ratio is currently 3.7 days.

Analysts Set New Price Targets

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

Central Pacific Financial Stock Performance

Shares of NYSE CPF traded up $0.14 during midday trading on Monday, reaching $20.26. The company had a trading volume of 57,150 shares, compared to its average volume of 177,483. Central Pacific Financial has a 1 year low of $13.22 and a 1 year high of $22.00. The business’s 50-day simple moving average is $19.15 and its 200 day simple moving average is $18.59. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.37. The stock has a market cap of $547.83 million, a P/E ratio of 9.88 and a beta of 1.15.

Central Pacific Financial (NYSE:CPF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The company had revenue of $61.43 million during the quarter, compared to analyst estimates of $60.78 million. Central Pacific Financial had a return on equity of 11.34% and a net margin of 16.44%. On average, analysts forecast that Central Pacific Financial will post 2 earnings per share for the current fiscal year.

Central Pacific Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a $0.26 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.04 annualized dividend and a yield of 5.13%. Central Pacific Financial’s dividend payout ratio (DPR) is presently 50.73%.

Insider Buying and Selling at Central Pacific Financial

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total transaction of $64,393.56. Following the completion of the sale, the director now owns 88,689 shares in the company, valued at approximately $1,713,471.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 9,999 shares of company stock valued at $192,547. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in Central Pacific Financial by 9.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,248,059 shares of the financial services provider’s stock valued at $24,562,000 after buying an additional 112,105 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Central Pacific Financial by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 842,611 shares of the financial services provider’s stock valued at $16,583,000 after buying an additional 20,929 shares in the last quarter. Wellington Management Group LLP increased its holdings in Central Pacific Financial by 79.0% in the 3rd quarter. Wellington Management Group LLP now owns 648,310 shares of the financial services provider’s stock worth $10,814,000 after acquiring an additional 286,110 shares in the last quarter. LSV Asset Management grew its position in shares of Central Pacific Financial by 11.0% in the fourth quarter. LSV Asset Management now owns 547,401 shares of the financial services provider’s stock valued at $10,773,000 after purchasing an additional 54,361 shares during the period. Finally, Kennedy Capital Management LLC raised its position in shares of Central Pacific Financial by 4.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 475,522 shares of the financial services provider’s stock worth $7,932,000 after purchasing an additional 18,862 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company’s stock.

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.