Central Pacific Financial Corp. (NYSE:CPF – Get Free Report) declared a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.26 per share by the financial services provider on Monday, June 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date is Friday, May 31st.
Central Pacific Financial has raised its dividend payment by an average of 4.2% per year over the last three years. Central Pacific Financial has a payout ratio of 50.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Central Pacific Financial to earn $2.23 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 46.6%.
Central Pacific Financial Price Performance
Shares of CPF traded up $0.81 during mid-day trading on Thursday, reaching $20.76. 396,470 shares of the stock traded hands, compared to its average volume of 178,088. The firm has a fifty day moving average price of $19.10 and a 200 day moving average price of $18.53. The company has a market cap of $561.35 million, a price-to-earnings ratio of 9.19 and a beta of 1.15. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.31. Central Pacific Financial has a 1 year low of $13.22 and a 1 year high of $22.00.
Wall Street Analysts Forecast Growth
Separately, Piper Sandler upped their target price on shares of Central Pacific Financial from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st.
Read Our Latest Stock Report on Central Pacific Financial
Insider Buying and Selling 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 shares were sold at an average price of $19.32, for a total transaction of $64,393.56. Following the completion of the transaction, the director now directly owns 88,689 shares of the company’s stock, valued at $1,713,471.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 9,999 shares of company stock worth $192,547 over the last three months. Company insiders own 2.70% 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.
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