Central Pacific Financial (NYSE:CPF) Shares Gap Up on Earnings Beat

Central Pacific Financial Corp. (NYSE:CPF)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $28.57, but opened at $29.42. Central Pacific Financial shares last traded at $28.68, with a volume of 6,640 shares traded.

The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.09. Central Pacific Financial had a net margin of 16.10% and a return on equity of 11.44%.

Central Pacific Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Friday, February 28th. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.26. Central Pacific Financial’s dividend payout ratio is currently 49.52%.

Analysts Set New Price Targets

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

Institutional Trading of Central Pacific Financial

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC purchased a new stake in Central Pacific Financial in the 3rd quarter worth approximately $50,000. Quarry LP acquired a new position in shares of Central Pacific Financial in the 3rd quarter valued at $53,000. USA Financial Formulas purchased a new stake in Central Pacific Financial during the third quarter worth $81,000. CWM LLC grew its position in Central Pacific Financial by 77.7% during the third quarter. CWM LLC now owns 3,477 shares of the financial services provider’s stock valued at $103,000 after buying an additional 1,520 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Central Pacific Financial in the third quarter valued at $183,000. Hedge funds and other institutional investors own 88.42% of the company’s stock.

Central Pacific Financial Stock Performance

The business’s 50-day simple moving average is $29.43 and its two-hundred day simple moving average is $28.20. 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 firm has a market cap of $798.73 million, a price-to-earnings ratio of 14.05 and a beta of 1.19.

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.