Central Pacific Financial (NYSE:CPF) Shares Gap Up Following Strong Earnings

Central Pacific Financial Corp. (NYSE:CPF)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.57, but opened at $29.42. Central Pacific Financial shares last traded at $28.68, with a volume of 6,640 shares traded.

The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. Central Pacific Financial had a return on equity of 11.44% and a net margin of 16.10%.

Analysts Set New Price Targets

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

Institutional Trading of Central Pacific Financial

A number of institutional investors and hedge funds have recently modified their holdings of CPF. Dimensional Fund Advisors LP raised its stake in shares of Central Pacific Financial by 5.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,404,043 shares of the financial services provider’s stock valued at $29,765,000 after purchasing an additional 77,868 shares in the last quarter. Sei Investments Co. increased its stake in Central Pacific Financial by 77.9% during the 2nd quarter. Sei Investments Co. now owns 31,084 shares of the financial services provider’s stock valued at $659,000 after buying an additional 13,609 shares during the period. Public Sector Pension Investment Board raised its position in shares of Central Pacific Financial by 6.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 59,486 shares of the financial services provider’s stock worth $1,261,000 after buying an additional 3,361 shares in the last quarter. Algert Global LLC lifted its stake in shares of Central Pacific Financial by 7.0% in the 2nd quarter. Algert Global LLC now owns 41,366 shares of the financial services provider’s stock worth $877,000 after acquiring an additional 2,717 shares during the period. Finally, Truist Financial Corp lifted its stake in shares of Central Pacific Financial by 14.1% in the 2nd quarter. Truist Financial Corp now owns 17,113 shares of the financial services provider’s stock worth $363,000 after acquiring an additional 2,110 shares during the period. 88.42% of the stock is owned by institutional investors and hedge funds.

Central Pacific Financial Stock Down 1.4 %

The stock’s 50 day moving average is $29.52 and its 200 day moving average is $28.19. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. The firm has a market cap of $762.86 million, a price-to-earnings ratio of 13.49 and a beta of 1.19.

Central Pacific Financial Company 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.