Central Pacific Financial (NYSE:CPF) Stock Rating Upgraded by StockNews.com

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

Central Pacific Financial Price Performance

Shares of NYSE CPF opened at $29.57 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $29.00 and a two-hundred day simple moving average of $28.57. Central Pacific Financial has a 1-year low of $18.19 and a 1-year high of $33.25. The firm has a market cap of $800.54 million, a price-to-earnings ratio of 15.01 and a beta of 1.19.

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

Central Pacific Financial Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Truist Financial Corp raised its holdings in Central Pacific Financial by 14.1% during the 2nd 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 during the period. SG Americas Securities LLC purchased a new position in shares of Central Pacific Financial in the third quarter valued at $183,000. CWM LLC grew its position in shares of Central Pacific Financial by 77.7% in the third 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 in the last quarter. nVerses Capital LLC bought a new stake in shares of Central Pacific Financial during the 3rd quarter valued at $50,000. Finally, Assenagon Asset Management S.A. lifted its holdings in 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 in the last quarter. 88.42% of the stock is owned by institutional investors.

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.