Central Pacific Financial Inc. (CPF) Downgraded by Zacks Investment Research
According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “
A number of other brokerages have also weighed in on CPF. Compass Point started coverage on Central Pacific Financial in a research note on Thursday, August 11th. They set a neutral rating and a $26.00 price target on the stock. Piper Jaffray Cos. started coverage on Central Pacific Financial in a research report on Friday, July 8th. They issued a neutral rating and a $25.00 target price on the stock. Finally, Raymond James Financial Inc. upped their target price on Central Pacific Financial from $25.00 to $26.00 and gave the company an outperform rating in a research report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Central Pacific Financial has an average rating of Hold and a consensus price target of $25.40.
Shares of Central Pacific Financial (NYSE:CPF) opened at 25.71 on Monday. Central Pacific Financial has a one year low of $18.47 and a one year high of $25.99. The stock has a 50 day moving average of $25.22 and a 200-day moving average of $23.71. The company has a market capitalization of $796.70 million, a price-to-earnings ratio of 17.60 and a beta of 1.18.
Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.04. Central Pacific Financial had a return on equity of 9.18% and a net margin of 22.77%. During the same quarter last year, the business earned $0.39 EPS. On average, equities analysts expect that Central Pacific Financial will post $1.48 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Monday, August 29th. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.14. Central Pacific Financial’s dividend payout ratio is currently 43.84%.
In related news, Director Wayne K. Kamitaki acquired 3,500 shares of the stock in a transaction on Wednesday, August 3rd. The shares were acquired at an average price of $24.54 per share, for a total transaction of $85,890.00. Following the transaction, the director now owns 289 shares in the company, valued at approximately $7,092.06. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Lance A. Mizumoto sold 19,950 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $25.25, for a total value of $503,737.50. Following the completion of the sale, the insider now owns 69,427 shares in the company, valued at approximately $1,753,031.75. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its stake in Central Pacific Financial by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 4,388 shares of the financial services provider’s stock valued at $104,000 after buying an additional 540 shares in the last quarter. Mason Street Advisors LLC bought a new stake in Central Pacific Financial during the second quarter valued at approximately $143,000. Sei Investments Co. raised its stake in Central Pacific Financial by 173.6% in the second quarter. Sei Investments Co. now owns 7,121 shares of the financial services provider’s stock valued at $168,000 after buying an additional 4,518 shares in the last quarter. Capstone Asset Management Co. bought a new stake in Central Pacific Financial during the second quarter valued at approximately $212,000. Finally, BNP Paribas Arbitrage SA raised its stake in Central Pacific Financial by 103.1% in the second quarter. BNP Paribas Arbitrage SA now owns 9,667 shares of the financial services provider’s stock valued at $228,000 after buying an additional 4,907 shares in the last quarter. Institutional investors and hedge funds own 93.49% of the company’s stock.
Central Pacific Financial Company Profile
Central Pacific Financial Corp. serves as the bank holding company for its bank subsidiary, Central Pacific Bank (the bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and commercial real estate lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services, and the Company’s retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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