Schwab Charles Investment Management Inc. increased its position in shares of Central Pacific Financial Corp. (NYSE:CPF) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,755 shares of the financial services provider’s stock after purchasing an additional 14,426 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.62% of Central Pacific Financial worth $5,601,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Prudential Financial Inc. lifted its holdings in Central Pacific Financial by 16.2% during the 3rd quarter. Prudential Financial Inc. now owns 169,879 shares of the financial services provider’s stock worth $5,466,000 after purchasing an additional 23,701 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Central Pacific Financial by 114.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 20,102 shares of the financial services provider’s stock worth $647,000 after purchasing an additional 10,736 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Central Pacific Financial by 21.5% during the 3rd quarter. Wells Fargo & Company MN now owns 187,822 shares of the financial services provider’s stock worth $6,044,000 after purchasing an additional 33,287 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in Central Pacific Financial by 12.7% during the 3rd quarter. Macquarie Group Ltd. now owns 38,538 shares of the financial services provider’s stock worth $1,241,000 after purchasing an additional 4,338 shares during the last quarter. Finally, Boston Partners lifted its holdings in Central Pacific Financial by 6.9% during the 3rd quarter. Boston Partners now owns 520,715 shares of the financial services provider’s stock worth $16,757,000 after purchasing an additional 33,820 shares during the last quarter. 92.56% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research cut Central Pacific Financial from a “buy” rating to a “sell” rating in a report on Tuesday, February 13th.
Central Pacific Financial (NYSE:CPF) last announced its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.02). The company had revenue of $51.87 million during the quarter, compared to analyst estimates of $52.60 million. Central Pacific Financial had a net margin of 18.81% and a return on equity of 9.56%. During the same period in the prior year, the firm earned $0.39 earnings per share. analysts predict that Central Pacific Financial Corp. will post 2.04 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be issued a $0.19 dividend. The ex-dividend date is Tuesday, February 27th. This is a boost from Central Pacific Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.59%. Central Pacific Financial’s payout ratio is currently 56.72%.
Central Pacific Financial declared that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Colbert M. Matsumoto acquired 1,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was purchased at an average cost of $28.61 per share, with a total value of $28,610.00. Following the acquisition, the director now directly owns 2,375 shares of the company’s stock, valued at $67,948.75. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 2,850 shares of company stock valued at $82,710 over the last ninety days. Insiders own 4.10% of the company’s stock.
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Central Pacific Financial Company Profile
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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