Central Pacific Financial Inc. (CPF) Downgraded to Sell at Zacks Investment Research
Central Pacific Financial Inc. (NYSE:CPF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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. “
A number of other equities research analysts have also recently issued reports on the company. Compass Point cut Central Pacific Financial from a “buy” rating to a “neutral” rating in a report on Friday, November 18th. Raymond James Financial Inc. boosted their price objective 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 investment 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 company presently has a consensus rating of “Hold” and a consensus price target of $25.80.
Central Pacific Financial (NYSE:CPF) traded up 0.23% during midday trading on Thursday, reaching $30.32. The company had a trading volume of 128,617 shares. The stock has a market cap of $934.77 million, a P/E ratio of 20.92 and a beta of 1.07. Central Pacific Financial has a 12 month low of $18.47 and a 12 month high of $30.71. The firm has a 50-day moving average of $26.63 and a 200-day moving average of $24.91.
Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.01. Central Pacific Financial had a return on equity of 8.96% and a net margin of 22.03%. During the same period in the prior year, the firm posted $0.38 EPS. On average, equities analysts expect that Central Pacific Financial will post $1.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Monday, November 28th. Central Pacific Financial’s dividend payout ratio (DPR) is currently 44.14%.
In other Central Pacific Financial news, insider John C. Dean sold 10,652 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $30.25, for a total transaction of $322,223.00. Following the completion of the transaction, the insider now directly owns 8,122 shares in the company, valued at $245,690.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John C. Dean sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $30.14, for a total transaction of $301,400.00. Following the transaction, the insider now owns 8,122 shares of the company’s stock, valued at $244,797.08. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Emerald Acquisition Ltd. purchased a new position in shares of Central Pacific Financial during the second quarter valued at approximately $6,474,000. KBC Group NV increased its position in shares of Central Pacific Financial by 22.1% in the second quarter. KBC Group NV now owns 47,597 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 8,600 shares during the period. Swiss National Bank increased its position in shares of Central Pacific Financial by 14.4% in the second quarter. Swiss National Bank now owns 55,600 shares of the financial services provider’s stock valued at $1,312,000 after buying an additional 7,000 shares during the period. DUPONT CAPITAL MANAGEMENT Corp bought a new position in shares of Central Pacific Financial during the second quarter valued at about $618,000. Finally, California State Teachers Retirement System increased its position in shares of Central Pacific Financial by 30.2% in the second quarter. California State Teachers Retirement System now owns 63,491 shares of the financial services provider’s stock valued at $1,498,000 after buying an additional 14,728 shares during the period. Institutional investors and hedge funds own 94.18% 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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