Zacks Investment Research lowered shares of Central Pacific Financial (NYSE:CPF) from a hold rating to a sell rating in a report issued on Monday, December 18th.
According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “
Central Pacific Financial (NYSE:CPF) traded up $0.17 during trading on Monday, reaching $31.02. The company had a trading volume of 74,406 shares, compared to its average volume of 149,202. The firm has a market cap of $936.46, a price-to-earnings ratio of 19.51 and a beta of 1.19. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.18. Central Pacific Financial has a 12-month low of $27.34 and a 12-month high of $33.55.
Central Pacific Financial (NYSE:CPF) last released its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). Central Pacific Financial had a return on equity of 9.64% and a net margin of 22.45%. The company had revenue of $51.69 million for the quarter, compared to analyst estimates of $52.43 million. During the same period last year, the firm posted $0.37 earnings per share. The business’s revenue was up 3.1% on a year-over-year basis. sell-side analysts anticipate that Central Pacific Financial will post 1.62 earnings per share for the current year.
Central Pacific Financial announced that its board has initiated a stock repurchase program on Wednesday, November 15th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $0.72 annualized dividend and a yield of 2.32%. Central Pacific Financial’s dividend payout ratio is presently 45.28%.
In other Central Pacific Financial news, insider Blenn Fujimoto sold 3,350 shares of Central Pacific Financial stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $101,136.50. Following the sale, the insider now directly owns 16,686 shares in the company, valued at approximately $503,750.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the business. Prudential Financial Inc. increased its holdings in Central Pacific Financial by 16.2% during the 3rd quarter. Prudential Financial Inc. now owns 169,879 shares of the financial services provider’s stock worth $5,466,000 after purchasing an additional 23,701 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Central Pacific Financial by 5.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,190,591 shares of the financial services provider’s stock valued at $37,468,000 after acquiring an additional 58,683 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Central Pacific Financial by 114.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 20,102 shares of the financial services provider’s stock valued at $647,000 after acquiring an additional 10,736 shares during the last quarter. Macquarie Group Ltd. increased its holdings in shares of Central Pacific Financial by 12.7% in the 3rd quarter. Macquarie Group Ltd. now owns 38,538 shares of the financial services provider’s stock valued at $1,241,000 after acquiring an additional 4,338 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Central Pacific Financial by 8.4% in the 2nd quarter. Legal & General Group Plc now owns 55,459 shares of the financial services provider’s stock valued at $1,745,000 after acquiring an additional 4,305 shares during the last quarter. Institutional investors own 92.12% of the company’s stock.
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Central Pacific Financial Company Profile
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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