Central Pacific Financial (NYSE:CPF) Downgraded by ValuEngine

ValuEngine cut shares of Central Pacific Financial (NYSE:CPF) from a hold rating to a sell rating in a research report released on Wednesday morning, ValuEngine reports.

CPF has been the topic of several other reports. Zacks Investment Research raised shares of Central Pacific Financial from a sell rating to a hold rating in a research note on Wednesday, July 31st. Compass Point set a $29.00 price target on shares of Central Pacific Financial and gave the company a hold rating in a research note on Thursday, September 12th.

Central Pacific Financial stock traded up $0.37 during trading hours on Wednesday, hitting $27.97. 80,012 shares of the stock were exchanged, compared to its average volume of 139,456. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $798.74 million, a P/E ratio of 13.92 and a beta of 1.04. Central Pacific Financial has a 12 month low of $23.23 and a 12 month high of $30.82. The business’s 50-day moving average is $28.31 and its two-hundred day moving average is $28.93.

Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.04). The firm had revenue of $55.47 million for the quarter, compared to the consensus estimate of $55.10 million. Central Pacific Financial had a return on equity of 12.18% and a net margin of 24.06%. During the same period in the prior year, the company posted $0.48 earnings per share. On average, equities analysts predict that Central Pacific Financial will post 2.01 earnings per share for the current fiscal year.

Central Pacific Financial announced that its board has approved 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.92 annualized dividend and a dividend yield of 3.29%. Central Pacific Financial’s dividend payout ratio (DPR) is currently 45.77%.

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

Hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC bought a new position in Central Pacific Financial in the second quarter valued at approximately $41,000. Cadinha & Co. LLC bought a new position in Central Pacific Financial in the second quarter valued at approximately $205,000. Piedmont Investment Advisors Inc. bought a new position in Central Pacific Financial in the first quarter valued at approximately $209,000. Cubist Systematic Strategies LLC bought a new position in Central Pacific Financial in the second quarter valued at approximately $284,000. Finally, WINTON GROUP Ltd bought a new position in Central Pacific Financial in the second quarter valued at approximately $346,000. 94.76% of the stock is currently owned by hedge funds and other 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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