Central Pacific Financial (NYSE:CPF) Posts Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Central Pacific Financial (NYSE:CPFGet Rating) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15, MarketWatch Earnings reports. Central Pacific Financial had a net margin of 30.51% and a return on equity of 14.46%. During the same quarter last year, the business earned $0.64 EPS.

NYSE:CPF opened at $27.35 on Thursday. The stock’s 50-day simple moving average is $28.10 and its 200 day simple moving average is $28.07. Central Pacific Financial has a 52-week low of $23.12 and a 52-week high of $30.97. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $755.84 million, a P/E ratio of 9.63 and a beta of 1.18.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, May 27th. Central Pacific Financial’s payout ratio is 36.62%.

In other Central Pacific Financial news, President Agnes Catherine Ngo sold 6,135 shares of the business’s stock in a transaction that occurred on Monday, February 28th. The stock was sold at an average price of $29.20, for a total transaction of $179,142.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.80% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in shares of Central Pacific Financial by 116.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 458,102 shares of the financial services provider’s stock valued at $12,904,000 after purchasing an additional 245,969 shares during the period. Thrivent Financial for Lutherans raised its stake in Central Pacific Financial by 6.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 286,342 shares of the financial services provider’s stock valued at $8,066,000 after buying an additional 17,363 shares during the period. Morgan Stanley lifted its position in shares of Central Pacific Financial by 112.1% in the second quarter. Morgan Stanley now owns 235,900 shares of the financial services provider’s stock valued at $6,148,000 after buying an additional 124,659 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Central Pacific Financial by 36.5% during the 4th quarter. Invesco Ltd. now owns 209,258 shares of the financial services provider’s stock worth $5,895,000 after acquiring an additional 55,906 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Central Pacific Financial by 25.4% during the 4th quarter. Millennium Management LLC now owns 71,491 shares of the financial services provider’s stock worth $2,014,000 after acquiring an additional 14,496 shares during the last quarter. 89.31% of the stock is owned by institutional investors.

A number of equities analysts have issued reports on CPF shares. Raymond James increased their target price on Central Pacific Financial from $29.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, January 27th. Compass Point decreased their price objective on Central Pacific Financial from $30.00 to $29.00 in a report on Thursday. Zacks Investment Research upgraded Central Pacific Financial from a “hold” rating to a “strong-buy” rating and set a $33.00 target price on the stock in a research note on Friday, January 28th. Finally, StockNews.com started coverage on shares of Central Pacific Financial in a research note on Thursday, March 31st. They set a “hold” rating for the company.

About Central Pacific Financial (Get Rating)

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 the United States. 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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Earnings History for Central Pacific Financial (NYSE:CPF)

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