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

Shares of Central Pacific Financial Corp. (NYSE:CPF) 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 upped their price objective on shares of 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 4.1 %

The firm has a market cap of $561.62 million, a price-to-earnings ratio of 9.57 and a beta of 1.15. The firm’s fifty day moving average is $19.10 and its two-hundred day moving average is $18.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.86.

Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. Central Pacific Financial had a net margin of 17.82% and a return on equity of 12.23%. The company had revenue of $61.43 million during the quarter, compared to the consensus estimate of $60.78 million. On average, sell-side analysts expect that Central Pacific Financial Corp. will post 1.98 EPS for the current fiscal year.

Central Pacific Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date of this dividend is Friday, May 31st. Central Pacific Financial’s payout ratio is 47.93%.

Insider Buying and Selling at Central Pacific Financial

In other Central Pacific Financial news, Director Agnes Catherine Ngo sold 3,333 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $19.32, for a total value of $64,393.56. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 9,999 shares of company stock valued at $192,547. 2.70% of the stock is owned by insiders.

Institutional Trading of Central Pacific Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in Central Pacific Financial by 9.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,248,059 shares of the financial services provider’s stock worth $24,562,000 after buying an additional 112,105 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Central Pacific Financial by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 842,611 shares of the financial services provider’s stock worth $16,583,000 after buying an additional 20,929 shares during the period. Wellington Management Group LLP raised its holdings in Central Pacific Financial by 79.0% during the 3rd quarter. Wellington Management Group LLP now owns 648,310 shares of the financial services provider’s stock worth $10,814,000 after buying an additional 286,110 shares during the period. LSV Asset Management raised its holdings in Central Pacific Financial by 11.0% during the 4th quarter. LSV Asset Management now owns 547,401 shares of the financial services provider’s stock worth $10,773,000 after buying an additional 54,361 shares during the period. Finally, Kennedy Capital Management LLC raised its holdings in Central Pacific Financial by 4.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 475,522 shares of the financial services provider’s stock worth $7,932,000 after buying an additional 18,862 shares during the period. Institutional investors and hedge funds own 88.42% of the company’s stock.

Central Pacific Financial Company Profile

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.