Central Pacific Financial (NYSE:CPF) Posts Earnings Results, Beats Estimates By $0.03 EPS

Central Pacific Financial (NYSE:CPF) announced its earnings results on Wednesday. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03, reports. Central Pacific Financial had a return on equity of 11.34% and a net margin of 16.44%. The company had revenue of $61.43 million for the quarter, compared to analyst estimates of $60.78 million.

Central Pacific Financial Price Performance

Shares of NYSE CPF traded down $0.64 during mid-day trading on Friday, hitting $20.12. 152,429 shares of the stock traded hands, compared to its average volume of 194,065. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.86. Central Pacific Financial has a twelve month low of $13.22 and a twelve month high of $22.00. The company has a market cap of $544.04 million, a PE ratio of 9.81 and a beta of 1.15. The firm has a 50 day simple moving average of $19.13 and a two-hundred day simple moving average of $18.54.

Central Pacific Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 5.17%. The ex-dividend date is Thursday, May 30th. Central Pacific Financial’s dividend payout ratio (DPR) is 50.73%.

Insider Activity at Central Pacific Financial

In other Central Pacific Financial news, Director Agnes Catherine Ngo sold 3,333 shares of Central Pacific Financial stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total transaction of $64,393.56. Following the transaction, the director now directly owns 88,689 shares of the company’s stock, valued at approximately $1,713,471.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 9,999 shares of company stock valued at $192,547 in the last 90 days. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CPF. SG Americas Securities LLC lifted its holdings in Central Pacific Financial by 61.0% during the 3rd 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 during the period. Everence Capital Management Inc. acquired a new position in shares of Central Pacific Financial in the 3rd quarter valued at about $212,000. Ziegler Capital Management LLC lifted its stake in shares of Central Pacific Financial by 16.6% in the 3rd quarter. Ziegler Capital Management LLC now owns 38,431 shares of the financial services provider’s stock valued at $641,000 after purchasing an additional 5,470 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Central Pacific Financial by 6.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,675 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 841 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Central Pacific Financial by 5.2% in the 3rd quarter. Victory Capital Management Inc. now owns 33,200 shares of the financial services provider’s stock valued at $554,000 after purchasing an additional 1,650 shares during the period. 88.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Piper Sandler raised their price objective 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.

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.