Central Pacific Financial (NYSE:CPF) Shares Gap Up on Earnings Beat

Central Pacific Financial Corp. (NYSE:CPF)’s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $28.57, but opened at $29.42. Central Pacific Financial shares last traded at $28.68, with a volume of 6,640 shares changing hands.

The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.09. Central Pacific Financial had a return on equity of 11.44% and a net margin of 16.10%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Central Pacific Financial from a “hold” rating to a “sell” rating in a research note on Tuesday.

Institutional Investors Weigh In On Central Pacific Financial

Several hedge funds have recently made changes to their positions in CPF. Empowered Funds LLC raised its holdings in shares of Central Pacific Financial by 5.0% in the 4th quarter. Empowered Funds LLC now owns 90,584 shares of the financial services provider’s stock worth $2,631,000 after buying an additional 4,333 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Central Pacific Financial by 18.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,588 shares of the financial services provider’s stock worth $564,000 after acquiring an additional 3,098 shares in the last quarter. EMC Capital Management lifted its holdings in shares of Central Pacific Financial by 92.2% during the fourth quarter. EMC Capital Management now owns 11,559 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 5,544 shares during the period. SG Americas Securities LLC increased its position in shares of Central Pacific Financial by 7.2% during the 4th quarter. SG Americas Securities LLC now owns 6,643 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 448 shares in the last quarter. Finally, Diversified Trust Co lifted its holdings in Central Pacific Financial by 9.8% during the 4th quarter. Diversified Trust Co now owns 8,787 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 783 shares during the last quarter. Institutional investors own 88.42% of the company’s stock.

Central Pacific Financial Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $762.86 million, a price-to-earnings ratio of 13.49 and a beta of 1.19. The stock’s 50-day simple moving average is $29.52 and its 200 day simple moving average is $28.19.

Central Pacific Financial Company Profile

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.