Central Pacific Financial (NYSE:CPF) Rating Increased to Hold at 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 note issued on Thursday, 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. “

CPF has been the topic of several other reports. ValuEngine lowered shares of Central Pacific Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Compass Point set a $29.00 target price on shares of Central Pacific Financial and gave the stock a “hold” rating in a research note on Thursday, September 12th.

NYSE:CPF opened at $28.09 on Thursday. The firm’s fifty day moving average is $28.26 and its 200-day moving average is $28.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.83 and a current ratio of 0.83. Central Pacific Financial has a 52 week low of $23.23 and a 52 week high of $30.82. The firm has a market cap of $791.02 million, a P/E ratio of 13.32 and a beta of 1.04.

Central Pacific Financial (NYSE:CPF) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.04). The company 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 earned $0.48 earnings per share. As a group, sell-side analysts anticipate that Central Pacific Financial will post 2.01 earnings per share for the current year.

Central Pacific Financial declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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

A number of hedge funds and other institutional investors have recently modified their holdings of CPF. Advisory Services Network LLC acquired a new position in Central Pacific Financial during the second quarter worth $41,000. Cadinha & Co. LLC acquired a new position in Central Pacific Financial during the second quarter worth $205,000. Cubist Systematic Strategies LLC acquired a new position in Central Pacific Financial during the second quarter worth $284,000. WINTON GROUP Ltd acquired a new position in Central Pacific Financial during the second quarter worth $346,000. Finally, Atria Investments LLC acquired a new position in Central Pacific Financial during the second quarter worth $410,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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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