Bank of America Corp DE Sells 7,078 Shares of Central Pacific Financial Corp. (NYSE:CPF)

Bank of America Corp DE lowered its stake in shares of Central Pacific Financial Corp. (NYSE:CPF) by 9.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,488 shares of the financial services provider’s stock after selling 7,078 shares during the period. Bank of America Corp DE owned approximately 0.25% of Central Pacific Financial worth $1,990,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Central Pacific Financial by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 2,124,330 shares of the financial services provider’s stock valued at $61,712,000 after purchasing an additional 20,196 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Central Pacific Financial by 13.2% during the 4th quarter. American Century Companies Inc. now owns 659,482 shares of the financial services provider’s stock valued at $19,158,000 after purchasing an additional 77,032 shares in the last quarter. Geode Capital Management LLC raised its position in Central Pacific Financial by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 644,390 shares of the financial services provider’s stock valued at $18,724,000 after buying an additional 4,021 shares during the last quarter. Renaissance Technologies LLC raised its position in Central Pacific Financial by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 637,053 shares of the financial services provider’s stock valued at $18,506,000 after buying an additional 66,053 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position 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 valued at $17,128,000 after buying an additional 158,111 shares during the last quarter. Institutional investors own 88.42% of the company’s stock.

Insiders Place Their Bets

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $27.71, for a total value of $92,357.43. Following the completion of the transaction, the director now owns 72,922 shares of the company’s stock, valued at $2,020,668.62. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Central Pacific Financial from a “sell” rating to a “hold” rating in a research report on Thursday, March 20th.

Central Pacific Financial Stock Up 1.6%

Shares of Central Pacific Financial stock opened at $26.56 on Wednesday. The firm has a market cap of $716.56 million, a PE ratio of 13.48 and a beta of 1.02. Central Pacific Financial Corp. has a 52-week low of $19.52 and a 52-week high of $33.25. The business’s 50 day simple moving average is $26.08 and its 200 day simple moving average is $28.02. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.85 and a current ratio of 0.85.

Central Pacific Financial (NYSE:CPF) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Central Pacific Financial had a return on equity of 12.03% and a net margin of 15.49%. The firm had revenue of $68.80 million for the quarter, compared to analyst estimates of $68.93 million. During the same quarter in the previous year, the firm earned $0.48 EPS. On average, analysts predict that Central Pacific Financial Corp. will post 2.75 earnings per share for the current fiscal year.

Central Pacific Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given 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 yield of 4.07%. Central Pacific Financial’s dividend payout ratio (DPR) is 50.47%.

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.