New York State Teachers Retirement System Boosts Stake in Central Pacific Financial Corp. (NYSE:CPF)

New York State Teachers Retirement System increased its holdings in shares of Central Pacific Financial Corp. (NYSE:CPF) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,075 shares of the financial services provider’s stock after acquiring an additional 1,022 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Central Pacific Financial worth $493,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Central Pacific Financial by 121.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 747,539 shares of the financial services provider’s stock valued at $13,381,000 after purchasing an additional 409,320 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Central Pacific Financial by 2,830.3% in the first quarter. The Manufacturers Life Insurance Company now owns 421,059 shares of the financial services provider’s stock valued at $11,748,000 after buying an additional 406,690 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Central Pacific Financial by 64.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 753,236 shares of the financial services provider’s stock valued at $21,015,000 after acquiring an additional 295,134 shares during the period. Wellington Management Group LLP boosted its stake in shares of 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 acquiring an additional 286,110 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Central Pacific Financial by 132.7% in the 2nd quarter. Millennium Management LLC now owns 358,180 shares of the financial services provider’s stock worth $7,683,000 after acquiring an additional 204,284 shares during the period. Hedge funds and other institutional investors own 88.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler boosted their target price on Central Pacific Financial from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st.

Central Pacific Financial Price Performance

Shares of NYSE CPF opened at $18.71 on Friday. 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 has a market cap of $505.92 million, a price-to-earnings ratio of 8.62 and a beta of 1.15. The company’s 50-day moving average price is $19.05 and its 200 day moving average price is $18.41. Central Pacific Financial Corp. has a 52 week low of $13.22 and a 52 week high of $22.00.

Central Pacific Financial (NYSE:CPF) last released its quarterly earnings results on Wednesday, January 31st. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. Central Pacific Financial had a net margin of 17.82% and a return on equity of 12.23%. The business had revenue of $89.29 million for the quarter, compared to analyst estimates of $61.18 million. During the same period in the prior year, the business earned $0.74 earnings per share. As a group, research analysts forecast that Central Pacific Financial Corp. will post 1.98 earnings per share for the current fiscal year.

Central Pacific Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.26 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.56%. Central Pacific Financial’s dividend payout ratio (DPR) is 47.93%.

Insider Activity

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the business’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 transaction, the director now 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 at the SEC website. Insiders have sold 9,999 shares of company stock worth $192,547 over the last three months. 2.70% of the stock is currently owned by corporate insiders.

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.