Zacks Investment Management Takes $573,000 Position in Central Pacific Financial Corp. (NYSE:CPF)

Zacks Investment Management purchased a new stake in Central Pacific Financial Corp. (NYSE:CPF) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 19,426 shares of the financial services provider’s stock, valued at approximately $573,000.

A number of other large investors also recently made changes to their positions in CPF. Basswood Capital Management L.L.C. acquired a new position in shares of Central Pacific Financial in the 3rd quarter valued at $15,455,000. Assenagon Asset Management S.A. increased its position in shares of Central Pacific Financial by 143.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 456,132 shares of the financial services provider’s stock valued at $13,460,000 after buying an additional 268,719 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Central Pacific Financial by 5.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,404,043 shares of the financial services provider’s stock valued at $29,765,000 after buying an additional 77,868 shares in the last quarter. American Century Companies Inc. increased its position 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 buying an additional 77,265 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Central Pacific Financial by 16.6% in the 2nd quarter. Acadian Asset Management LLC now owns 539,882 shares of the financial services provider’s stock valued at $11,442,000 after buying an additional 76,957 shares in the last quarter. Institutional investors and hedge funds own 88.42% of the company’s stock.

Analysts Set New Price Targets

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

Central Pacific Financial Price Performance

CPF opened at $31.10 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. Central Pacific Financial Corp. has a 12 month low of $18.00 and a 12 month high of $33.25. The company has a fifty day simple moving average of $29.92 and a 200 day simple moving average of $26.23. The stock has a market cap of $841.88 million, a P/E ratio of 14.81 and a beta of 1.18.

Central Pacific Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Friday, November 29th. Central Pacific Financial’s dividend payout ratio (DPR) is presently 49.52%.

Central Pacific Financial 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.