Zacks Investment Research Downgrades Central Pacific Financial Inc. (CPF) to Sell
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. “
Several other equities analysts also recently weighed in on the company. Compass Point downgraded Central Pacific Financial from a buy rating to a neutral rating in a research report on Friday, November 18th. Raymond James Financial Inc. lifted 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Central Pacific Financial currently has a consensus rating of Hold and an average price target of $25.80.
Central Pacific Financial (NYSE:CPF) opened at 29.46 on Thursday. Central Pacific Financial has a 12-month low of $18.47 and a 12-month high of $30.71. The company has a market capitalization of $908.25 million, a PE ratio of 20.33 and a beta of 1.07. The stock has a 50 day moving average of $26.90 and a 200-day moving average of $25.05.
Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.01. Central Pacific Financial had a return on equity of 8.96% and a net margin of 22.03%. During the same period last year, the company earned $0.38 EPS. Equities analysts expect that Central Pacific Financial will post $1.47 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Monday, November 28th. Central Pacific Financial’s dividend payout ratio is currently 44.14%.
In other news, insider John C. Dean sold 10,652 shares of the business’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $30.25, for a total transaction of $322,223.00. Following the completion of the transaction, the insider now directly owns 8,122 shares of the company’s stock, valued at $245,690.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John C. Dean sold 10,174 shares of the business’s stock in a transaction dated Wednesday, November 23rd. The stock was sold at an average price of $30.35, for a total value of $308,780.90. Following the transaction, the insider now directly owns 8,122 shares of the company’s stock, valued at $246,502.70. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. D. E. Shaw & Co. Inc. increased its position in shares of Central Pacific Financial by 204.8% in the third quarter. D. E. Shaw & Co. Inc. now owns 40,218 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 27,022 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Central Pacific Financial during the third quarter worth approximately $522,000. Principal Financial Group Inc. increased its position in shares of Central Pacific Financial by 5.3% in the third quarter. Principal Financial Group Inc. now owns 977,341 shares of the financial services provider’s stock worth $24,619,000 after buying an additional 49,476 shares in the last quarter. Spark Investment Management LLC bought a new position in shares of Central Pacific Financial during the third quarter worth approximately $403,000. Finally, Northern Trust Corp increased its position in shares of Central Pacific Financial by 20.7% in the third quarter. Northern Trust Corp now owns 598,291 shares of the financial services provider’s stock worth $15,071,000 after buying an additional 102,642 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.
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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