Zacks Investment Research Upgrades Central Pacific Financial (CPF) to “Buy”

Central Pacific Financial (NYSE:CPF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $30.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.90% from the stock’s current price.

According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “

Separately, ValuEngine lowered Central Pacific Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 11th.

Shares of Central Pacific Financial stock opened at $26.81 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.19. The firm has a market cap of $800.32 million, a price-to-earnings ratio of 17.07 and a beta of 1.03. Central Pacific Financial has a 12 month low of $26.78 and a 12 month high of $33.15.

Central Pacific Financial (NYSE:CPF) last announced its quarterly earnings data on Wednesday, July 25th. The financial services provider reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. The business had revenue of $52.30 million during the quarter, compared to analyst estimates of $52.45 million. Central Pacific Financial had a return on equity of 10.54% and a net margin of 19.71%. sell-side analysts anticipate that Central Pacific Financial will post 1.94 EPS for the current year.

In other news, EVP Arnold D. Martines sold 1,080 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $27.99, for a total transaction of $30,229.20. Following the completion of the transaction, the executive vice president now directly owns 24 shares in the company, valued at $671.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of CPF. Brown Advisory Inc. increased its holdings in shares of Central Pacific Financial by 738.8% during the second quarter. Brown Advisory Inc. now owns 687,813 shares of the financial services provider’s stock valued at $19,705,000 after acquiring an additional 605,813 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Central Pacific Financial by 63.4% during the first quarter. Russell Investments Group Ltd. now owns 777,174 shares of the financial services provider’s stock valued at $22,119,000 after acquiring an additional 301,570 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Central Pacific Financial by 82.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 402,216 shares of the financial services provider’s stock valued at $11,524,000 after acquiring an additional 181,781 shares in the last quarter. Citadel Advisors LLC increased its holdings in shares of Central Pacific Financial by 78.2% during the second quarter. Citadel Advisors LLC now owns 194,384 shares of the financial services provider’s stock valued at $5,569,000 after acquiring an additional 85,295 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Central Pacific Financial by 8.8% during the first quarter. Millennium Management LLC now owns 726,216 shares of the financial services provider’s stock valued at $20,668,000 after acquiring an additional 58,962 shares in the last quarter. Hedge funds and other institutional investors own 92.20% of the company’s stock.

About Central Pacific Financial

Central Pacific Financial Corp. operates as the holding company for Central Pacific Bank that provides commercial banking products and services to businesses, professionals, and individuals in Hawaii. The company operates in three segments: Banking Operations, Treasury, and All Others. It offers various deposit products and services, including personal and business checking and savings accounts, money market accounts, and time certificates of deposit.

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