Central Pacific Financial Corp. (CPF) Expected to Announce Quarterly Sales of $53.15 Million
Brokerages forecast that Central Pacific Financial Corp. (NYSE:CPF) will announce $53.15 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Central Pacific Financial’s earnings. The lowest sales estimate is $53.00 million and the highest is $53.30 million. Central Pacific Financial posted sales of $51.56 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.1%. The company is scheduled to report its next quarterly earnings report on Wednesday, October 24th.
On average, analysts expect that Central Pacific Financial will report full year sales of $211.05 million for the current year, with estimates ranging from $210.30 million to $211.80 million. For the next year, analysts forecast that the business will report sales of $222.85 million per share, with estimates ranging from $221.40 million to $224.30 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Central Pacific Financial.
Central Pacific Financial (NYSE:CPF) last released its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.01. The firm had revenue of $52.30 million during the quarter, compared to analysts’ expectations of $52.45 million. Central Pacific Financial had a return on equity of 10.54% and a net margin of 19.71%.
NYSE CPF traded down $0.21 on Wednesday, reaching $27.59. The company had a trading volume of 84,100 shares, compared to its average volume of 140,661. The stock has a market cap of $819.74 million, a PE ratio of 17.48 and a beta of 1.03. Central Pacific Financial has a 1 year low of $27.19 and a 1 year high of $33.15. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.19.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Thursday, August 30th. Central Pacific Financial’s dividend payout ratio (DPR) is currently 52.83%.
In other news, Director Christine H. H. Camp purchased 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, June 19th. The shares were acquired at an average cost of $29.80 per share, with a total value of $53,640.00. Following the transaction, the director now owns 6,112 shares in the company, valued at approximately $182,137.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Arnold D. Martines sold 1,080 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $27.99, for a total value of $30,229.20. Following the sale, the executive vice president now directly owns 24 shares in the company, valued at $671.76. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlueMountain Capital Management LLC raised its position in shares of Central Pacific Financial by 17.5% during the 2nd quarter. BlueMountain Capital Management LLC now owns 14,061 shares of the financial services provider’s stock valued at $403,000 after acquiring an additional 2,090 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Central Pacific Financial by 8.3% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 37,191 shares of the financial services provider’s stock valued at $1,066,000 after acquiring an additional 2,860 shares in the last quarter. Legal & General Group Plc raised its position in shares of Central Pacific Financial by 5.4% during the 2nd quarter. Legal & General Group Plc now owns 58,657 shares of the financial services provider’s stock valued at $1,686,000 after acquiring an additional 2,988 shares in the last quarter. Bailard Inc. raised its position in shares of Central Pacific Financial by 15.4% during the 2nd quarter. Bailard Inc. now owns 23,200 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Central Pacific Financial by 0.7% during the 1st quarter. Northern Trust Corp now owns 465,355 shares of the financial services provider’s stock valued at $13,244,000 after acquiring an additional 3,160 shares in the last quarter. 92.21% of the stock is currently owned by institutional investors and hedge funds.
About Central Pacific Financial
Central Pacific Financial Corp. operates as the holding company for Central Pacific Bank that provides commercial banking products and services to businesses, professionals, and individuals in Hawaii. The company operates in three segments: Banking Operations, Treasury, and All Others. It offers various deposit products and services, including personal and business checking and savings accounts, money market accounts, and time certificates of deposit.
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