Central Pacific Financial (NYSE:CPF) Issues Quarterly Earnings Results

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

Central Pacific Financial Price Performance

Shares of CPF stock opened at $20.76 on Friday. Central Pacific Financial has a 1 year low of $13.22 and a 1 year high of $22.00. The firm’s 50 day moving average is $19.10 and its 200-day moving average is $18.53. The firm has a market capitalization of $561.35 million, a price-to-earnings ratio of 10.13 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $0.26 per share. The ex-dividend date is Friday, May 31st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.01%. Central Pacific Financial’s payout ratio is 50.73%.

Insider Transactions at Central Pacific Financial

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $19.00, for a total value of $63,327.00. Following the transaction, the director now directly owns 85,356 shares in the company, valued at $1,621,764. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 9,999 shares of company stock worth $192,547. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Central Pacific Financial

Several large investors have recently bought and sold shares of CPF. Wellington Management Group LLP lifted its holdings in Central Pacific Financial by 79.0% in the third quarter. Wellington Management Group LLP now owns 648,310 shares of the financial services provider’s stock valued at $10,814,000 after buying an additional 286,110 shares during the period. Assenagon Asset Management S.A. grew its position in Central Pacific Financial by 240.4% in the third quarter. Assenagon Asset Management S.A. now owns 265,006 shares of the financial services provider’s stock valued at $4,420,000 after purchasing an additional 187,164 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Central Pacific Financial by 9.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,248,059 shares of the financial services provider’s stock valued at $24,562,000 after purchasing an additional 112,105 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Central Pacific Financial by 92.7% in the fourth quarter. Hsbc Holdings PLC now owns 119,370 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 57,418 shares during the last quarter. Finally, LSV Asset Management lifted its stake in Central Pacific Financial by 11.0% in the fourth quarter. LSV Asset Management now owns 547,401 shares of the financial services provider’s stock valued at $10,773,000 after acquiring an additional 54,361 shares during the last quarter. 88.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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 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.