Central Pacific Financial (NYSE:CPF) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Central Pacific Financial (NYSE:CPF) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Central Pacific Financial Price Performance

Central Pacific Financial stock opened at $31.02 on Tuesday. The stock has a market capitalization of $839.58 million, a price-to-earnings ratio of 14.77 and a beta of 1.14. Central Pacific Financial has a 52-week low of $16.95 and a 52-week high of $32.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85. The stock’s 50 day moving average price is $28.65 and its two-hundred day moving average price is $24.90.

Central Pacific Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, November 29th. Central Pacific Financial’s payout ratio is 49.52%.

Hedge Funds Weigh In On Central Pacific Financial

Several institutional investors have recently made changes to their positions in CPF. nVerses Capital LLC acquired a new stake in shares of Central Pacific Financial in the 3rd quarter valued at about $50,000. Quarry LP bought a new position in Central Pacific Financial in the third quarter worth approximately $53,000. CWM LLC grew its stake in Central Pacific Financial by 221.9% in the second quarter. CWM LLC now owns 1,957 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,349 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Central Pacific Financial by 660.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,488 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 2,161 shares in the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Central Pacific Financial during the third quarter worth approximately $81,000. Institutional investors and hedge funds own 88.42% of the company’s stock.

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.