Central Pacific Financial (NYSE:CPF) Shares Gap Down to $19.96

Central Pacific Financial Corp. (NYSE:CPF) shares gapped down prior to trading on Wednesday . The stock had previously closed at $19.96, but opened at $19.46. Central Pacific Financial shares last traded at $20.14, with a volume of 15,144 shares.

Analyst Ratings Changes

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

Central Pacific Financial Stock Up 1.1 %

The company has a fifty day simple moving average of $19.05 and a 200-day simple moving average of $18.49. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The firm has a market cap of $545.67 million, a P/E ratio of 9.21 and a beta of 1.15.

Central Pacific Financial (NYSE:CPF) last released its quarterly earnings results on Wednesday, January 31st. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. Central Pacific Financial had a return on equity of 12.23% and a net margin of 17.82%. The business had revenue of $89.29 million during the quarter, compared to analyst estimates of $61.18 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, equities analysts anticipate that Central Pacific Financial Corp. will post 1.98 earnings per share for the current year.

Central Pacific Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date of this dividend was Wednesday, February 28th. Central Pacific Financial’s dividend payout ratio (DPR) is 47.93%.

Insider Transactions at Central Pacific Financial

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total value of $64,393.56. Following the completion of the transaction, the director now owns 88,689 shares of the company’s stock, valued at $1,713,471.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 9,999 shares of company stock valued at $192,547 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Central Pacific Financial

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in shares of Central Pacific Financial by 61.0% in the third quarter. SG Americas Securities LLC now owns 25,465 shares of the financial services provider’s stock worth $425,000 after buying an additional 9,644 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Central Pacific Financial in the third quarter worth about $212,000. Ziegler Capital Management LLC lifted its position in shares of Central Pacific Financial by 16.6% in the third quarter. Ziegler Capital Management LLC now owns 38,431 shares of the financial services provider’s stock worth $641,000 after buying an additional 5,470 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Central Pacific Financial by 6.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,675 shares of the financial services provider’s stock worth $245,000 after buying an additional 841 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Central Pacific Financial by 5.2% in the third quarter. Victory Capital Management Inc. now owns 33,200 shares of the financial services provider’s stock worth $554,000 after buying an additional 1,650 shares in the last quarter. 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.