Central Pacific Financial (NYSE:CPF) Upgraded to Hold by Zacks Investment Research

Central Pacific Financial (NYSE:CPF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

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. “

Several other equities analysts also recently weighed in on CPF. ValuEngine downgraded Central Pacific Financial from a “hold” rating to a “sell” rating in a research report on Wednesday. Compass Point set a $29.00 target price on Central Pacific Financial and gave the company a “hold” rating in a research report on Thursday, September 12th.

Shares of CPF traded up $0.37 during trading hours on Friday, hitting $27.97. The stock had a trading volume of 80,900 shares, compared to its average volume of 139,456. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.83 and a quick ratio of 0.83. Central Pacific Financial has a 12 month low of $23.23 and a 12 month high of $30.82. The firm has a market capitalization of $802.73 million, a PE ratio of 13.92 and a beta of 1.04. The stock has a fifty day moving average price of $28.31 and a 200 day moving average price of $28.93.

Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.47 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $55.47 million during the quarter, compared to the consensus estimate of $55.10 million. During the same period in the previous year, the firm earned $0.48 EPS. As a group, analysts anticipate that Central Pacific Financial will post 2.01 EPS for the current fiscal year.

Central Pacific Financial declared that its board has authorized a stock buyback plan on Thursday, June 20th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, CEO Paul K. Yonamine bought 8,627 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were bought at an average cost of $29.65 per share, for a total transaction of $255,790.55. Following the completion of the transaction, the chief executive officer now owns 8,627 shares of the company’s stock, valued at $255,790.55. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Agnes Catherine Ngo bought 8,550 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were bought at an average price of $29.65 per share, for a total transaction of $253,507.50. Following the completion of the transaction, the president now directly owns 7,645 shares of the company’s stock, valued at approximately $226,674.25. The disclosure for this purchase can be found here. 3.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CPF. Advisory Services Network LLC bought a new stake in Central Pacific Financial during the second quarter worth approximately $41,000. Cadinha & Co. LLC bought a new position in shares of Central Pacific Financial during the second quarter valued at approximately $205,000. Piedmont Investment Advisors Inc. bought a new position in shares of Central Pacific Financial during the first quarter valued at approximately $209,000. Cubist Systematic Strategies LLC bought a new position in shares of Central Pacific Financial during the second quarter valued at approximately $284,000. Finally, WINTON GROUP Ltd bought a new position in shares of Central Pacific Financial during the second quarter valued at approximately $346,000. 94.76% of the stock is currently owned by institutional investors.

Central Pacific Financial Company Profile

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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