Central Pacific Financial (NYSE:CPF) Shares Gap Up After Better-Than-Expected Earnings

Central Pacific Financial Corp. (NYSE:CPF - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. 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 trading hands.

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

Central Pacific Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.27 dividend. This is a positive change from Central Pacific Financial's previous quarterly dividend of $0.26. The ex-dividend date is Friday, February 28th. This represents a $1.08 dividend on an annualized basis and a yield of 3.66%. Central Pacific Financial's dividend payout ratio (DPR) is currently 49.52%.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Central Pacific Financial from a "hold" rating to a "sell" rating in a research note on Tuesday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CPF. Basswood Capital Management L.L.C. bought a new position in Central Pacific Financial in the 3rd quarter worth $15,455,000. Assenagon Asset Management S.A. raised its holdings in Central Pacific Financial by 143.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 456,132 shares of the financial services provider's stock worth $13,460,000 after acquiring an additional 268,719 shares during the period. Dimensional Fund Advisors LP raised its holdings in Central Pacific Financial by 5.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,404,043 shares of the financial services provider's stock worth $29,765,000 after acquiring an additional 77,868 shares during the period. FMR LLC raised its holdings in Central Pacific Financial by 24.4% in the 3rd quarter. FMR LLC now owns 295,359 shares of the financial services provider's stock worth $8,716,000 after acquiring an additional 58,009 shares during the period. Finally, Barclays PLC raised its holdings in Central Pacific Financial by 84.3% in the 3rd quarter. Barclays PLC now owns 58,493 shares of the financial services provider's stock worth $1,726,000 after acquiring an additional 26,755 shares during the period. Institutional investors own 88.42% of the company's stock.

Central Pacific Financial Stock Up 5.4 %

The stock has a market cap of $798.73 million, a P/E ratio of 14.05 and a beta of 1.19. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29. The firm's fifty day moving average is $29.43 and its 200 day moving average is $28.20.

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.