Central Pacific Financial (NYSE:CPF) Sets New 12-Month High – Still a Buy?

Central Pacific Financial Corp. (NYSE:CPF)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $32.21 and last traded at $32.05, with a volume of 3090 shares traded. The stock had previously closed at $31.86.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Central Pacific Financial from a “hold” rating to a “sell” rating in a research note on Friday, November 1st.

Central Pacific Financial Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s 50-day moving average price is $28.36 and its 200-day moving average price is $24.66. The company has a market cap of $853.90 million, a P/E ratio of 15.17 and a beta of 1.14.

Central Pacific Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.26 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.04 annualized dividend and a dividend yield of 3.30%. Central Pacific Financial’s payout ratio is 49.52%.

Institutional Investors Weigh In On Central Pacific Financial

Several large investors have recently added to or reduced their stakes in CPF. Allspring Global Investments Holdings LLC increased its stake in shares of Central Pacific Financial by 660.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,488 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 2,161 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Central Pacific Financial by 38.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,364 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 5,954 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Central Pacific Financial by 21.3% during the 1st quarter. BNP Paribas Financial Markets now owns 33,513 shares of the financial services provider’s stock worth $662,000 after purchasing an additional 5,891 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Central Pacific Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 76,203 shares of the financial services provider’s stock valued at $1,505,000 after buying an additional 5,742 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new stake in Central Pacific Financial in the 1st quarter valued at about $409,000. Institutional investors and hedge funds 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.