Schwab Charles Investment Management Inc. raised its holdings in shares of Central Pacific Financial Corp. (NYSE:CPF) by 82.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 402,216 shares of the financial services provider’s stock after buying an additional 181,781 shares during the period. Schwab Charles Investment Management Inc. owned about 1.36% of Central Pacific Financial worth $11,524,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in CPF. SG Americas Securities LLC purchased a new stake in shares of Central Pacific Financial in the second quarter worth $166,000. Piedmont Investment Advisors LLC bought a new position in shares of Central Pacific Financial during the second quarter worth $197,000. Xact Kapitalforvaltning AB boosted its position in shares of Central Pacific Financial by 61.7% during the first quarter. Xact Kapitalforvaltning AB now owns 11,795 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 4,500 shares during the last quarter. Bailard Inc. boosted its position in shares of Central Pacific Financial by 15.4% during the second quarter. Bailard Inc. now owns 23,200 shares of the financial services provider’s stock worth $665,000 after acquiring an additional 3,100 shares during the last quarter. Finally, Citigroup Inc. boosted its position in shares of Central Pacific Financial by 58.0% during the first quarter. Citigroup Inc. now owns 24,360 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 8,943 shares during the last quarter. 92.20% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Arnold D. Martines sold 1,080 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $27.99, for a total transaction of $30,229.20. Following the completion of the transaction, the executive vice president now owns 24 shares in the company, valued at $671.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.
Shares of NYSE:CPF traded down $0.60 during midday trading on Friday, reaching $25.42. 168,449 shares of the company were exchanged, compared to its average volume of 144,007. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.78 and a current ratio of 0.78. Central Pacific Financial Corp. has a one year low of $24.84 and a one year high of $33.15. The firm has a market cap of $777.66 million, a price-to-earnings ratio of 15.99 and a beta of 1.04.
Central Pacific Financial (NYSE:CPF) last issued its earnings results on Wednesday, July 25th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.01. Central Pacific Financial had a net margin of 19.71% and a return on equity of 10.54%. The firm had revenue of $52.30 million during the quarter, compared to analyst estimates of $52.45 million. As a group, research analysts predict that Central Pacific Financial Corp. will post 1.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 17th. Investors of record on Friday, August 31st were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.30%. Central Pacific Financial’s dividend payout ratio is 52.83%.
Separately, Zacks Investment Research upgraded shares of Central Pacific Financial from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Tuesday, September 25th.
Central Pacific Financial 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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