Atria Investments LLC purchased a new position in shares of Central Pacific Financial Corp. (NYSE:CPF) during the second quarter, HoldingsChannel.com reports. The fund purchased 11,034 shares of the financial services provider’s stock, valued at approximately $410,000.
A number of other large investors also recently bought and sold shares of CPF. Nuveen Asset Management LLC purchased a new position in Central Pacific Financial during the second quarter worth approximately $14,384,000. Russell Investments Group Ltd. raised its stake in Central Pacific Financial by 13.6% during the second quarter. Russell Investments Group Ltd. now owns 1,252,957 shares of the financial services provider’s stock worth $37,511,000 after purchasing an additional 149,728 shares during the period. Acadian Asset Management LLC raised its stake in Central Pacific Financial by 61.7% during the second quarter. Acadian Asset Management LLC now owns 369,049 shares of the financial services provider’s stock worth $11,058,000 after purchasing an additional 140,862 shares during the period. Panagora Asset Management Inc. raised its stake in Central Pacific Financial by 137.8% during the second quarter. Panagora Asset Management Inc. now owns 177,182 shares of the financial services provider’s stock worth $5,308,000 after purchasing an additional 102,662 shares during the period. Finally, Morgan Stanley increased its position in shares of Central Pacific Financial by 81.2% in the second quarter. Morgan Stanley now owns 227,769 shares of the financial services provider’s stock worth $6,824,000 after acquiring an additional 102,085 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.
Several research firms have recently issued reports on CPF. Compass Point set a $29.00 price objective on shares of Central Pacific Financial and gave the stock a “hold” rating in a research report on Thursday, September 12th. Zacks Investment Research raised shares of Central Pacific Financial from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, ValuEngine lowered shares of Central Pacific Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd.
Central Pacific Financial stock opened at $28.09 on Friday. Central Pacific Financial Corp. has a 52-week low of $23.23 and a 52-week high of $30.82. The firm has a fifty day moving average of $28.26 and a 200-day moving average of $28.92. The firm has a market capitalization of $802.17 million, a P/E ratio of 13.98 and a beta of 1.04. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.30.
Central Pacific Financial (NYSE:CPF) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.04). Central Pacific Financial had a return on equity of 12.18% and a net margin of 24.06%. The business had revenue of $55.47 million during the quarter, compared to analyst estimates of $55.10 million. During the same period in the previous year, the company earned $0.48 EPS. On average, research analysts expect that Central Pacific Financial Corp. will post 2.01 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Thursday, August 29th. Central Pacific Financial’s payout ratio is currently 45.77%.
Central Pacific Financial announced that its board has initiated a stock repurchase program on Thursday, June 20th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
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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