The Manufacturers Life Insurance Company Lowers Position in Central Pacific Financial Corp. (NYSE:CPF)

The Manufacturers Life Insurance Company cut its position in Central Pacific Financial Corp. (NYSE:CPF - Free Report) by 4.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376,979 shares of the financial services provider's stock after selling 18,587 shares during the period. The Manufacturers Life Insurance Company owned 1.39% of Central Pacific Financial worth $11,125,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CPF. CWM LLC boosted its holdings in Central Pacific Financial by 221.9% during the second quarter. CWM LLC now owns 1,957 shares of the financial services provider's stock worth $41,000 after purchasing an additional 1,349 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Central Pacific Financial in the 3rd quarter worth approximately $50,000. USA Financial Formulas bought a new position in shares of Central Pacific Financial in the third quarter valued at approximately $81,000. SG Americas Securities LLC purchased a new stake in shares of Central Pacific Financial during the third quarter valued at approximately $183,000. Finally, Cadinha & Co. LLC bought a new stake in Central Pacific Financial during the third quarter worth $225,000. Institutional investors own 88.42% of the company's stock.

Central Pacific Financial Stock Performance

Shares of Central Pacific Financial stock traded down $0.01 on Tuesday, reaching $31.40. 21,583 shares of the company traded hands, compared to its average volume of 195,018. The company has a 50 day moving average of $29.55 and a 200 day moving average of $25.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. Central Pacific Financial Corp. has a 52 week low of $18.00 and a 52 week high of $33.25. The firm has a market capitalization of $850.00 million, a PE ratio of 14.94 and a beta of 1.18.

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. This represents a $1.04 annualized dividend and a yield of 3.31%. The ex-dividend date is Friday, November 29th. Central Pacific Financial's dividend payout ratio (DPR) is currently 49.52%.

Analysts Set New Price Targets

Separately, StockNews.com raised Central Pacific Financial from a "sell" rating to a "hold" rating in a research report on Monday.

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.