Central Pacific Financial (NYSE:CPF) Trading Down 4.7% After Insider Selling

Central Pacific Financial Corp. (NYSE:CPF - Get Free Report) shares traded down 4.7% during trading on Thursday following insider selling activity. The company traded as low as $26.07 and last traded at $26.07. 3,063 shares were traded during trading, a decline of 99% from the average session volume of 206,220 shares. The stock had previously closed at $27.35.

Specifically, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $26.99, for a total transaction of $89,957.67. Following the transaction, the director now directly owns 72,125 shares of the company's stock, valued at $1,946,653.75. This represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $26.31, for a total transaction of $72,747.15. Following the transaction, the director now owns 19,711 shares in the company, valued at $518,596.41. This represents a 12.30% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Central Pacific Financial from a "sell" rating to a "hold" rating in a research report on Thursday, March 20th.

Central Pacific Financial Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 0.85 and a quick ratio of 0.85. The company has a fifty day moving average price of $26.27 and a 200 day moving average price of $27.72. The stock has a market cap of $712.71 million, a P/E ratio of 13.41 and a beta of 1.04.

Central Pacific Financial (NYSE:CPF - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Central Pacific Financial had a net margin of 15.49% and a return on equity of 12.03%. The company had revenue of $68.80 million during the quarter, compared to the consensus estimate of $68.93 million. During the same period in the previous year, the firm posted $0.48 earnings per share. On average, equities analysts expect that Central Pacific Financial Corp. will post 2.75 EPS for the current year.

Central Pacific Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.08 annualized dividend and a dividend yield of 4.09%. Central Pacific Financial's payout ratio is 50.47%.

Institutional Investors Weigh In On Central Pacific Financial

Several institutional investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new position in Central Pacific Financial during the 1st quarter worth $11,382,000. Millennium Management LLC lifted its position in shares of Central Pacific Financial by 433.6% during the first quarter. Millennium Management LLC now owns 293,335 shares of the financial services provider's stock valued at $7,932,000 after purchasing an additional 238,367 shares in the last quarter. ExodusPoint Capital Management LP boosted its holdings in Central Pacific Financial by 342.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 277,664 shares of the financial services provider's stock worth $8,066,000 after purchasing an additional 214,840 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Central Pacific Financial by 36.6% during the fourth quarter. JPMorgan Chase & Co. now owns 589,609 shares of the financial services provider's stock worth $17,128,000 after purchasing an additional 158,111 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Central Pacific Financial in the 4th quarter worth about $4,412,000. Institutional investors own 88.42% of the company's stock.

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.