Central Pacific Financial (NYSE:CPF) Posts Earnings Results, Beats Expectations By $0.03 EPS

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

Central Pacific Financial Stock Up 4.1 %

Shares of CPF opened at $20.76 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.86 and a current ratio of 0.86. Central Pacific Financial has a one year low of $13.22 and a one year high of $22.00. The stock has a market capitalization of $561.35 million, a price-to-earnings ratio of 10.13 and a beta of 1.15. The stock has a 50 day moving average price of $19.10 and a 200 day moving average price of $18.53.

Central Pacific Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $0.26 dividend. 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’s dividend payout ratio (DPR) is presently 50.73%.

Insider Buying and Selling

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total transaction of $64,393.56. Following the completion of the sale, the director now directly owns 88,689 shares in the company, valued at $1,713,471.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 9,999 shares of company stock worth $192,547. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Central Pacific Financial

Several large investors have recently made changes to their positions in CPF. SG Americas Securities LLC increased its position in shares of Central Pacific Financial by 61.0% during the third quarter. SG Americas Securities LLC now owns 25,465 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 9,644 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in Central Pacific Financial in the 3rd quarter valued at $212,000. Ziegler Capital Management LLC grew its holdings in Central Pacific Financial by 16.6% in the 3rd quarter. Ziegler Capital Management LLC now owns 38,431 shares of the financial services provider’s stock valued at $641,000 after buying an additional 5,470 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Central Pacific Financial by 6.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,675 shares of the financial services provider’s stock valued at $245,000 after buying an additional 841 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Central Pacific Financial by 5.2% in the 3rd quarter. Victory Capital Management Inc. now owns 33,200 shares of the financial services provider’s stock valued at $554,000 after buying an additional 1,650 shares in the last quarter. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their price objective on Central Pacific Financial from $22.00 to $24.00 and gave the company an “overweight” rating in a research report 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.