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

Central Pacific Financial Corp. (NYSE:CPF)’s stock price gapped down before the market opened 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 traded.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their price target 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.

Central Pacific Financial Stock Performance

The stock has a market cap of $561.62 million, a price-to-earnings ratio of 9.57 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. The stock’s 50 day moving average is $19.10 and its two-hundred day moving average is $18.53.

Central Pacific Financial (NYSE:CPF) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $60.78 million. Analysts anticipate that Central Pacific Financial Corp. will post 1.98 earnings per share for the current fiscal year.

Central Pacific Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend is Friday, May 31st. Central Pacific Financial’s dividend payout ratio (DPR) is presently 47.93%.

Insider Transactions at Central Pacific Financial

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 85,356 shares in the company, valued at approximately $1,621,764. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 9,999 shares of company stock worth $192,547. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Central Pacific Financial

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its holdings in shares of Central Pacific Financial by 63.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,327 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 907 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Central Pacific Financial by 660.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,488 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 2,161 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of Central Pacific Financial by 11.8% in the 3rd quarter. Quantbot Technologies LP now owns 11,372 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 1,202 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Central Pacific Financial by 77.5% in the 3rd quarter. New York State Common Retirement Fund now owns 12,619 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 5,509 shares in the last quarter. Finally, Natixis Advisors L.P. purchased a new position in shares of Central Pacific Financial in the 4th quarter valued at about $222,000. Hedge funds and other institutional investors own 88.42% 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.