Central Pacific Financial Corp. (CPF) To Go Ex-Dividend on May 31st

Central Pacific Financial Corp. (NYSE:CPF) declared a quarterly dividend on Wednesday, April 24th, Wall Street Journal reports. Shareholders of record on Friday, May 31st will be paid a dividend of 0.26 per share by the financial services provider on Monday, June 17th. 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 has raised its dividend by an average of 4.2% annually over the last three years. Central Pacific Financial has a dividend payout ratio of 50.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Central Pacific Financial to earn $2.23 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 46.6%.

Central Pacific Financial Stock Performance

Central Pacific Financial stock opened at $20.77 on Friday. The firm has a market capitalization of $561.62 million, a PE ratio of 10.13 and a beta of 1.15. Central Pacific Financial has a one year low of $13.22 and a one year high of $22.00. The stock’s 50 day moving average price is $19.10 and its 200 day moving average price is $18.53. 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 (NYSE:CPF) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. Central Pacific Financial had a net margin of 16.44% and a return on equity of 11.34%. The company had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $60.78 million. As a group, sell-side analysts expect that Central Pacific Financial will post 1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Central Pacific Financial news, Director Agnes Catherine Ngo sold 3,333 shares of Central Pacific Financial stock in a transaction on Friday, April 12th. The shares were sold at an average price of $19.00, for a total transaction of $63,327.00. Following the completion of the sale, the director now owns 85,356 shares of the company’s stock, valued at approximately $1,621,764. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 9,999 shares of company stock worth $192,547 over the last ninety days. 2.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their target price on shares of Central Pacific Financial from $22.00 to $24.00 and gave the stock 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.