Central Pacific Financial (NYSE:CPF) Shares Gap Up Following Strong Earnings

Central Pacific Financial Corp. (NYSE:CPF) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. 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 changing hands.

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 net margin of 16.10% and a return on equity of 11.44%.

Central Pacific Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.27 dividend. The ex-dividend date is Friday, February 28th. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.66%. Central Pacific Financial’s dividend payout ratio (DPR) is 49.52%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Central Pacific Financial

Several hedge funds and other institutional investors have recently modified their holdings of CPF. nVerses Capital LLC bought a new stake in shares of Central Pacific Financial during the third quarter worth $50,000. Quarry LP purchased a new position in Central Pacific Financial in the 3rd quarter worth about $53,000. USA Financial Formulas bought a new stake in Central Pacific Financial during the 3rd quarter valued at about $81,000. CWM LLC boosted its position 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 buying an additional 1,520 shares during the period. Finally, SG Americas Securities LLC bought a new position in Central Pacific Financial in the 3rd quarter worth about $183,000. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

Central Pacific Financial Price Performance

The stock’s 50 day simple moving average is $29.43 and its 200 day simple moving average is $28.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $798.73 million, a P/E 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.