Compass Point Downgrades Central Pacific Financial Inc. (CPF) to Neutral
Central Pacific Financial Inc. (NYSE:CPF) was downgraded by research analysts at Compass Point to a “neutral” rating in a research note issued on Friday.
A number of other analysts also recently weighed in on the company. Zacks Investment Research downgraded Central Pacific Financial from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. Raymond James Financial Inc. increased their price target on Central Pacific Financial from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $25.80.
Shares of Central Pacific Financial (NYSE:CPF) opened at 29.97 on Friday. Central Pacific Financial has a one year low of $18.47 and a one year high of $30.71. The stock has a 50 day moving average price of $26.04 and a 200-day moving average price of $24.69. The company has a market capitalization of $923.98 million, a price-to-earnings ratio of 20.68 and a beta of 1.07.
Central Pacific Financial (NYSE:CPF) last posted its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.01. Central Pacific Financial had a net margin of 22.03% and a return on equity of 8.96%. During the same period last year, the company earned $0.38 earnings per share. On average, equities research analysts expect that Central Pacific Financial will post $1.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be issued a dividend of $0.16 per share. The ex-dividend date is Monday, November 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.14%. Central Pacific Financial’s payout ratio is currently 44.14%.
In other Central Pacific Financial news, insider Lance A. Mizumoto sold 19,950 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $25.25, for a total transaction of $503,737.50. Following the completion of the sale, the insider now directly owns 69,427 shares in the company, valued at approximately $1,753,031.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of CPF. Renaissance Technologies LLC increased its stake in shares of Central Pacific Financial by 19.5% in the first quarter. Renaissance Technologies LLC now owns 787,700 shares of the financial services provider’s stock worth $17,148,000 after buying an additional 128,800 shares during the last quarter. Panagora Asset Management Inc. boosted its position in shares of Central Pacific Financial by 43.7% in the first quarter. Panagora Asset Management Inc. now owns 278,706 shares of the financial services provider’s stock valued at $6,067,000 after buying an additional 84,786 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Central Pacific Financial by 103.1% in the second quarter. BNP Paribas Arbitrage SA now owns 9,667 shares of the financial services provider’s stock valued at $228,000 after buying an additional 4,907 shares during the last quarter. Capstone Asset Management Co. acquired a new position in shares of Central Pacific Financial during the second quarter valued at $212,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Central Pacific Financial by 1.5% in the second quarter. Nisa Investment Advisors LLC now owns 24,150 shares of the financial services provider’s stock valued at $570,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 93.53% of the company’s stock.
About Central Pacific Financial
Central Pacific Financial Corp. serves as the bank holding company for its bank subsidiary, Central Pacific Bank (the bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and commercial real estate lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services, and the Company’s retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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