Central Pacific Financial (NYSE:CPF) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Central Pacific Financial (NYSE:CPF) from a sell rating to a hold rating in a report published on Thursday.

Central Pacific Financial Stock Performance

Shares of Central Pacific Financial stock opened at $29.57 on Thursday. Central Pacific Financial has a 52 week low of $18.19 and a 52 week high of $33.25. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $29.00 and a 200-day moving average price of $28.57. The company has a market cap of $800.54 million, a PE ratio of 15.01 and a beta of 1.19.

Central Pacific Financial (NYSE:CPF) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. Central Pacific Financial had a return on equity of 12.03% and a net margin of 15.49%. Equities analysts anticipate that Central Pacific Financial will post 2.75 earnings per share for the current fiscal year.

Central Pacific Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, February 28th. This is a boost from Central Pacific Financial’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 3.65%. Central Pacific Financial’s payout ratio is 52.79%.

Institutional Investors Weigh In On Central Pacific Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp grew its holdings in shares of Central Pacific Financial by 14.1% in the second quarter. Truist Financial Corp now owns 17,113 shares of the financial services provider’s stock valued at $363,000 after acquiring an additional 2,110 shares in the last quarter. SG Americas Securities LLC purchased a new position in Central Pacific Financial in the third quarter worth $183,000. CWM LLC grew its stake in Central Pacific Financial by 77.7% in the 3rd quarter. CWM LLC now owns 3,477 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,520 shares during the period. nVerses Capital LLC purchased a new stake in shares of Central Pacific Financial during the 3rd quarter valued at $50,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Central Pacific Financial by 143.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 456,132 shares of the financial services provider’s stock worth $13,460,000 after purchasing an additional 268,719 shares during the period. Hedge funds and other institutional investors own 88.42% of the company’s stock.

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.