Central Pacific Financial Corp. (NYSE:CPF) Plans Dividend Increase – $0.27 Per Share

Central Pacific Financial Corp. (NYSE:CPF) declared a quarterly dividend on Tuesday, January 28th,Wall Street Journal reports. Investors of record on Friday, February 28th will be given a dividend of 0.27 per share by the financial services provider on Monday, March 17th. This represents a $1.08 annualized dividend and a yield of 3.66%. The ex-dividend date is Friday, February 28th. This is a boost from Central Pacific Financial’s previous quarterly dividend of $0.26.

Central Pacific Financial has increased its dividend by an average of 2.7% annually over the last three years. Central Pacific Financial has a payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Central Pacific Financial to earn $2.55 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 42.4%.

Central Pacific Financial Price Performance

Shares of CPF traded up $1.51 during trading hours on Thursday, reaching $29.51. 378,780 shares of the stock traded hands, compared to its average volume of 234,467. The company’s 50-day moving average price is $29.47 and its two-hundred day moving average price is $28.19. Central Pacific Financial has a 52-week low of $18.00 and a 52-week high of $33.25. The company has a market cap of $798.73 million, a P/E ratio of 14.05 and a beta of 1.19. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29.

Central Pacific Financial (NYSE:CPF) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. Central Pacific Financial had a net margin of 16.10% and a return on equity of 11.44%. On average, analysts anticipate that Central Pacific Financial will post 2.29 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Central Pacific Financial from a “hold” rating to a “sell” rating in a research report on Tuesday.

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.