Illinois Municipal Retirement Fund Lowers Holdings in Central Pacific Financial Corp. (NYSE:CPF)

Illinois Municipal Retirement Fund decreased its stake in shares of Central Pacific Financial Corp. (NYSE:CPF) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,280 shares of the financial services provider’s stock after selling 1,647 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.06% of Central Pacific Financial worth $301,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Central Pacific Financial by 5.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 821,682 shares of the financial services provider’s stock valued at $13,706,000 after buying an additional 39,130 shares during the last quarter. Wellington Management Group LLP raised its stake in Central Pacific Financial by 79.0% during the third quarter. Wellington Management Group LLP now owns 648,310 shares of the financial services provider’s stock valued at $10,814,000 after buying an additional 286,110 shares during the last quarter. Kennedy Capital Management LLC raised its stake in Central Pacific Financial by 4.1% during the third quarter. Kennedy Capital Management LLC now owns 475,522 shares of the financial services provider’s stock valued at $7,932,000 after buying an additional 18,862 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Central Pacific Financial by 45.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 384,405 shares of the financial services provider’s stock valued at $7,565,000 after buying an additional 119,399 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Central Pacific Financial by 10.5% during the third quarter. American Century Companies Inc. now owns 306,425 shares of the financial services provider’s stock valued at $5,111,000 after buying an additional 29,026 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler boosted their price target on Central Pacific Financial from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st.

Central Pacific Financial Stock Up 2.0 %

CPF stock opened at $20.33 on Thursday. Central Pacific Financial Corp. has a 1-year low of $13.22 and a 1-year high of $22.00. The business has a fifty day moving average price of $19.20 and a 200-day moving average price of $18.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $549.72 million, a P/E ratio of 9.92 and a beta of 1.15.

Central Pacific Financial (NYSE:CPF) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.03. Central Pacific Financial had a return on equity of 11.34% and a net margin of 16.44%. The firm had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $60.78 million. Equities analysts forecast that Central Pacific Financial Corp. will post 2 earnings per share for the current fiscal year.

Central Pacific Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date is Thursday, May 30th. Central Pacific Financial’s dividend payout ratio (DPR) is presently 50.73%.

Insider Activity at Central Pacific Financial

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total transaction of $64,393.56. Following the completion of the sale, the director now owns 88,689 shares in the company, valued at $1,713,471.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 9,999 shares of company stock worth $192,547. 2.30% of the stock is owned by insiders.

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.