Central Pacific Financial (NYSE:CPF) Upgraded at StockNews.com

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

Central Pacific Financial Stock Down 1.4 %

NYSE:CPF traded down $0.42 on Tuesday, hitting $30.48. 21,514 shares of the company’s stock traded hands, compared to its average volume of 193,325. The company has a market cap of $825.09 million, a PE ratio of 14.71 and a beta of 1.14. Central Pacific Financial has a 1 year low of $16.95 and a 1 year high of $32.21. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $28.57 and a 200-day moving average price of $24.83.

Central Pacific Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.04 annualized dividend and a dividend yield of 3.41%. Central Pacific Financial’s dividend payout ratio is 49.52%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Basswood Capital Management L.L.C. bought a new stake in shares of Central Pacific Financial in the 3rd quarter valued at approximately $15,455,000. Acadian Asset Management LLC lifted its stake in Central Pacific Financial by 359.7% in the first quarter. Acadian Asset Management LLC now owns 462,925 shares of the financial services provider’s stock valued at $9,140,000 after acquiring an additional 362,232 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Central Pacific Financial by 143.4% in the third quarter. Assenagon Asset Management S.A. now owns 456,132 shares of the financial services provider’s stock worth $13,460,000 after acquiring an additional 268,719 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Central Pacific Financial by 5.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,404,043 shares of the financial services provider’s stock worth $29,765,000 after purchasing an additional 77,868 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Central Pacific Financial by 17.8% in the 2nd 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. 88.42% of the stock is owned by institutional investors and hedge funds.

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.