StockNews.com Upgrades Central Pacific Financial (NYSE:CPF) to Hold

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

Central Pacific Financial Stock Down 0.2 %

Shares of Central Pacific Financial stock opened at $26.86 on Thursday. The firm has a market cap of $728.44 million, a P/E ratio of 13.64 and a beta of 1.17. The business has a 50-day moving average price of $28.45 and a 200 day moving average price of $28.92. Central Pacific Financial has a fifty-two week low of $18.53 and a fifty-two 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.

Central Pacific Financial (NYSE:CPF) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.70 EPS for the quarter, beating 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%. On average, sell-side analysts forecast that Central Pacific Financial will post 2.75 earnings per share for the current fiscal year.

Central Pacific Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, February 28th. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 4.02%. Central Pacific Financial’s dividend payout ratio is 54.82%.

Hedge Funds Weigh In On Central Pacific Financial

Institutional investors have recently made changes to their positions in the stock. Picton Mahoney Asset Management bought a new position in shares of Central Pacific Financial during the fourth quarter valued at approximately $30,000. SBI Securities Co. Ltd. bought a new position in Central Pacific Financial in the 4th quarter worth approximately $31,000. Quarry LP bought a new position in Central Pacific Financial in the 3rd quarter worth approximately $53,000. Quantbot Technologies LP bought a new position in Central Pacific Financial in the 4th quarter worth approximately $55,000. Finally, KLP Kapitalforvaltning AS bought a new position in Central Pacific Financial in the 4th quarter worth approximately $168,000. 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.