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

Zacks Investment Management acquired a new stake in shares of Central Pacific Financial Corp. (NYSE:CPF - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 19,426 shares of the financial services provider's stock, valued at approximately $573,000. Zacks Investment Management owned about 0.07% of Central Pacific Financial as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CPF. Jane Street Group LLC increased its stake in shares of Central Pacific Financial by 62.7% during the third quarter. Jane Street Group LLC now owns 40,463 shares of the financial services provider's stock worth $1,194,000 after acquiring an additional 15,599 shares during the period. Quarry LP acquired a new position in Central Pacific Financial during the 3rd quarter worth approximately $53,000. Centiva Capital LP purchased a new position in shares of Central Pacific Financial during the 3rd quarter worth approximately $355,000. Basswood Capital Management L.L.C. acquired a new stake in shares of Central Pacific Financial in the 3rd quarter valued at approximately $15,455,000. Finally, PDT Partners LLC purchased a new stake in shares of Central Pacific Financial in the third quarter valued at approximately $454,000. 88.42% of the stock is owned by institutional investors and hedge funds.

Central Pacific Financial Price Performance

CPF traded up $0.06 during trading on Wednesday, reaching $31.09. 183,815 shares of the stock were exchanged, compared to its average volume of 194,128. 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 company has a market capitalization of $841.61 million, a price-to-earnings ratio of 14.81 and a beta of 1.18. The business's 50 day moving average price is $29.92 and its two-hundred day moving average price is $26.23. Central Pacific Financial Corp. has a 1 year low of $18.00 and a 1 year high of $33.25.

Central Pacific Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. Central Pacific Financial's dividend payout ratio (DPR) is currently 49.52%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Central Pacific Financial from a "hold" rating to a "sell" rating in a report on Tuesday.

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.