Central Pacific Financial (NYSE:CPF) Trading Down 3.4% – Here’s What Happened

Central Pacific Financial Corp. (NYSE:CPF)’s share price traded down 3.4% on Thursday . The company traded as low as $28.04 and last traded at $28.05. 52,114 shares were traded during trading, a decline of 74% from the average session volume of 199,837 shares. The stock had previously closed at $29.05.

Analysts Set New Price Targets

Separately, StockNews.com lowered Central Pacific Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, December 10th.

Central Pacific Financial Stock Performance

The company has a market cap of $748.08 million, a PE ratio of 13.16 and a beta of 1.19. The stock’s 50 day simple moving average is $30.07 and its two-hundred day simple moving average is $27.27. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29.

Central Pacific Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, November 29th. This represents a $1.04 annualized dividend and a dividend yield of 3.76%. Central Pacific Financial’s payout ratio is 49.52%.

Institutional Trading of Central Pacific Financial

Hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC raised its stake in Central Pacific Financial by 16.6% during the second quarter. Acadian Asset Management LLC now owns 539,882 shares of the financial services provider’s stock valued at $11,442,000 after buying an additional 76,957 shares in the last quarter. LSV Asset Management lifted its stake in Central Pacific Financial by 10.7% during the second quarter. LSV Asset Management now owns 663,230 shares of the financial services provider’s stock worth $14,060,000 after purchasing an additional 63,862 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Central Pacific Financial by 44.7% during the second quarter. Texas Permanent School Fund Corp now owns 34,252 shares of the financial services provider’s stock worth $726,000 after purchasing an additional 10,584 shares during the last quarter. American Century Companies Inc. increased its stake in Central Pacific Financial by 17.8% during the second quarter. American Century Companies Inc. now owns 511,590 shares of the financial services provider’s stock valued at $10,846,000 after purchasing an additional 77,265 shares during the last quarter. Finally, WINTON GROUP Ltd raised its holdings in shares of Central Pacific Financial by 14.6% during the second quarter. WINTON GROUP Ltd now owns 53,148 shares of the financial services provider’s stock worth $1,127,000 after purchasing an additional 6,757 shares during the period. Hedge funds and other institutional investors 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.