Central Pacific Financial (NYSE:CPF) Reaches New 52-Week High – Here’s What Happened

Central Pacific Financial Corp. (NYSE:CPF)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $30.31 and last traded at $30.12, with a volume of 12108 shares trading hands. The stock had previously closed at $27.43.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Central Pacific Financial from a “hold” rating to a “sell” rating in a report on Friday, November 1st.

Central Pacific Financial Price Performance

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 stock has a market cap of $845.40 million, a PE ratio of 13.08 and a beta of 1.14. The company has a fifty day moving average of $28.10 and a 200-day moving average of $24.35.

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 $0.26 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.04 annualized dividend and a dividend yield of 3.33%. Central Pacific Financial’s dividend payout ratio is presently 49.52%.

Institutional Investors Weigh In On Central Pacific Financial

Several institutional investors and hedge funds have recently modified their holdings of CPF. Boston Partners purchased a new stake in Central Pacific Financial during the 1st quarter worth about $740,000. State Board of Administration of Florida Retirement System purchased a new stake in Central Pacific Financial during the 1st quarter worth about $409,000. Acadian Asset Management LLC increased its holdings in Central Pacific Financial by 359.7% during the 1st quarter. Acadian Asset Management LLC now owns 462,925 shares of the financial services provider’s stock worth $9,140,000 after purchasing an additional 362,232 shares during the period. LSV Asset Management increased its holdings in Central Pacific Financial by 9.5% during the 1st quarter. LSV Asset Management now owns 599,368 shares of the financial services provider’s stock worth $11,838,000 after purchasing an additional 51,967 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Central Pacific Financial by 143.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 456,132 shares of the financial services provider’s stock worth $13,460,000 after purchasing an additional 268,719 shares during the period. Hedge funds and other institutional investors own 88.42% of the company’s stock.

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.