Central Pacific Financial (CPF) Releases Earnings Results, Beats Estimates By $0.03 EPS

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Central Pacific Financial (NYSE:CPF) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03, MarketWatch Earnings reports. Central Pacific Financial had a return on equity of 12.30% and a net margin of 25.09%. The company had revenue of $56.79 million during the quarter, compared to analyst estimates of $54.80 million.

NYSE:CPF traded down $0.94 during trading hours on Thursday, reaching $29.71. The company had a trading volume of 116,849 shares, compared to its average volume of 158,679. Central Pacific Financial has a one year low of $23.23 and a one year high of $31.00. The stock has a market capitalization of $883.95 million, a price-to-earnings ratio of 14.78 and a beta of 1.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.81 and a quick ratio of 0.81.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, May 30th. Central Pacific Financial’s dividend payout ratio is presently 41.79%.

In other news, Director John C. Dean sold 7,531 shares of the stock in a transaction on Friday, February 15th. The stock was sold at an average price of $29.83, for a total transaction of $224,649.73. Following the sale, the director now owns 3,398 shares in the company, valued at $101,362.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Blenn Fujimoto sold 1,600 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $30.00, for a total value of $48,000.00. The disclosure for this sale can be found here. Insiders sold 51,600 shares of company stock worth $1,546,920 over the last quarter. Company insiders own 3.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in CPF. Boston Partners grew its holdings in shares of Central Pacific Financial by 48.9% during the fourth quarter. Boston Partners now owns 422,847 shares of the financial services provider’s stock worth $10,296,000 after purchasing an additional 138,897 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Central Pacific Financial by 21.0% during the fourth quarter. American Century Companies Inc. now owns 600,175 shares of the financial services provider’s stock valued at $14,614,000 after acquiring an additional 104,293 shares during the period. Seizert Capital Partners LLC acquired a new position in shares of Central Pacific Financial during the fourth quarter valued at $1,992,000. LSV Asset Management lifted its stake in shares of Central Pacific Financial by 11.5% during the fourth quarter. LSV Asset Management now owns 783,673 shares of the financial services provider’s stock valued at $19,082,000 after acquiring an additional 80,600 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Central Pacific Financial by 14.7% during the third quarter. Renaissance Technologies LLC now owns 624,753 shares of the financial services provider’s stock valued at $16,512,000 after acquiring an additional 80,100 shares during the period. Institutional investors own 94.09% of the company’s stock.

Separately, Zacks Investment Research lowered Central Pacific Financial from a “hold” rating to a “sell” rating in a research note on Thursday, March 28th.

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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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Earnings History for Central Pacific Financial (NYSE:CPF)

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