Ameriprise Financial Inc. Decreases Stake in Central Pacific Financial Corp. (NYSE:CPF)

Ameriprise Financial Inc. reduced its stake in Central Pacific Financial Corp. (NYSE:CPF) by 18.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 483,664 shares of the financial services provider’s stock after selling 108,740 shares during the quarter. Ameriprise Financial Inc. owned about 1.79% of Central Pacific Financial worth $14,050,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Y Intercept Hong Kong Ltd acquired a new position in Central Pacific Financial in the 4th quarter worth approximately $413,000. Raymond James Financial Inc. acquired a new position in Central Pacific Financial in the 4th quarter worth approximately $1,712,000. SBI Securities Co. Ltd. acquired a new position in Central Pacific Financial in the 4th quarter worth approximately $31,000. JPMorgan Chase & Co. increased its holdings in Central Pacific Financial by 36.6% in the 4th quarter. JPMorgan Chase & Co. now owns 589,609 shares of the financial services provider’s stock worth $17,128,000 after buying an additional 158,111 shares during the period. Finally, American Century Companies Inc. increased its holdings in Central Pacific Financial by 13.2% in the 4th quarter. American Century Companies Inc. now owns 659,482 shares of the financial services provider’s stock worth $19,158,000 after buying an additional 77,032 shares during the period. 88.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Central Pacific Financial

In related news, Director Agnes Catherine Ngo sold 3,333 shares of Central Pacific Financial stock in a transaction on Monday, May 12th. The shares were sold at an average price of $27.71, for a total value of $92,357.43. Following the sale, the director now owns 72,922 shares of the company’s stock, valued at approximately $2,020,668.62. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Central Pacific Financial from a “sell” rating to a “hold” rating in a report on Thursday, March 20th.

Central Pacific Financial Price Performance

Shares of NYSE:CPF opened at $27.46 on Friday. The company has a market cap of $740.73 million, a PE ratio of 13.94 and a beta of 1.02. Central Pacific Financial Corp. has a twelve month low of $19.52 and a twelve month high of $33.25. The company’s 50 day moving average is $26.17 and its 200 day moving average is $28.27. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.35.

Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $68.80 million for the quarter, compared to analysts’ expectations of $68.93 million. Central Pacific Financial had a net margin of 15.49% and a return on equity of 12.03%. During the same quarter last year, the company earned $0.48 EPS. On average, sell-side analysts forecast that Central Pacific Financial Corp. will post 2.75 EPS for the current year.

Central Pacific Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.93%. Central Pacific Financial’s payout ratio is 50.47%.

Central Pacific Financial Company Profile

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.