Illinois Municipal Retirement Fund Cuts Position in Central Pacific Financial Corp. (NYSE:CPF)

Illinois Municipal Retirement Fund cut its stake in Central Pacific Financial Corp. (NYSE:CPF) by 9.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,280 shares of the financial services provider’s stock after selling 1,647 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Central Pacific Financial were worth $301,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CPF. Charles Schwab Investment Management Inc. grew its stake in Central Pacific Financial by 5.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 821,682 shares of the financial services provider’s stock worth $13,706,000 after buying an additional 39,130 shares during the last quarter. Wellington Management Group LLP grew its stake in Central Pacific Financial by 79.0% during the 3rd quarter. Wellington Management Group LLP now owns 648,310 shares of the financial services provider’s stock worth $10,814,000 after buying an additional 286,110 shares during the last quarter. Kennedy Capital Management LLC grew its stake in Central Pacific Financial by 4.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 475,522 shares of the financial services provider’s stock worth $7,932,000 after buying an additional 18,862 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Central Pacific Financial by 45.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 384,405 shares of the financial services provider’s stock worth $7,565,000 after buying an additional 119,399 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Central Pacific Financial by 10.5% during the 3rd quarter. American Century Companies Inc. now owns 306,425 shares of the financial services provider’s stock worth $5,111,000 after buying an additional 29,026 shares during the last quarter. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Central Pacific Financial news, Director Agnes Catherine Ngo sold 3,333 shares of Central Pacific Financial stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.32, for a total transaction of $64,393.56. Following the completion of the sale, the director now owns 88,689 shares of the company’s stock, valued at approximately $1,713,471.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 9,999 shares of company stock valued at $192,547. 2.30% of the stock is owned by company insiders.

Central Pacific Financial Stock Up 2.0 %

Shares of CPF stock opened at $20.33 on Thursday. Central Pacific Financial Corp. has a 1-year low of $13.22 and a 1-year high of $22.00. The stock’s fifty day moving average price is $19.20 and its 200 day moving average price is $18.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market cap of $549.72 million, a price-to-earnings ratio of 9.92 and a beta of 1.15.

Central Pacific Financial (NYSE:CPF) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Central Pacific Financial had a return on equity of 11.34% and a net margin of 16.44%. The company had revenue of $61.43 million during the quarter, compared to analysts’ expectations of $60.78 million. On average, research analysts expect that Central Pacific Financial Corp. will post 2 earnings per share for the current fiscal year.

Central Pacific Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.04 dividend on an annualized basis and a yield of 5.12%. Central Pacific Financial’s dividend payout ratio is currently 50.73%.

Wall Street Analyst Weigh In

Separately, Piper Sandler boosted their target price on Central Pacific Financial from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st.

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.