Central Pacific Financial Corp. (NYSE:CPF) Plans Quarterly Dividend of $0.27

Central Pacific Financial Corp. (NYSE:CPF) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Investors of record on Friday, February 28th will be paid a dividend of 0.27 per share by the financial services provider on Monday, March 17th. This represents a $1.08 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Friday, February 28th. This is an increase from Central Pacific Financial’s previous quarterly dividend of $0.26.

Central Pacific Financial has increased its dividend payment by an average of 2.7% per year over the last three years. Central Pacific Financial has a dividend payout ratio of 37.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Central Pacific Financial to earn $2.55 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 42.4%.

Central Pacific Financial Stock Performance

NYSE:CPF traded up $1.51 on Thursday, hitting $29.51. The stock had a trading volume of 228,316 shares, compared to its average volume of 224,616. Central Pacific Financial has a 52-week low of $18.00 and a 52-week high of $33.25. The stock has a market cap of $798.73 million, a price-to-earnings ratio of 14.05 and a beta of 1.19. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. The business’s 50-day simple moving average is $29.47 and its two-hundred day simple moving average is $28.19.

Central Pacific Financial (NYSE:CPF) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. Central Pacific Financial had a net margin of 16.10% and a return on equity of 11.44%. As a group, research analysts predict that Central Pacific Financial will post 2.29 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Central Pacific Financial from a “hold” rating to a “sell” rating in a research report on Tuesday.

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.