Central Pacific Financial (NYSE:CPF) Stock Price Down 3.4% - Here's Why

Central Pacific Financial Corp. (NYSE:CPF - Get Free Report)'s stock price traded down 3.4% during mid-day trading on Thursday . The company traded as low as $28.04 and last traded at $28.05. Approximately 52,114 shares were traded during mid-day trading, a decline of 74% from the average session volume of 199,837 shares. The stock had previously closed at $29.05.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Central Pacific Financial from a "hold" rating to a "sell" rating in a report on Tuesday, December 10th.

Central Pacific Financial Price Performance

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 stock has a fifty day simple moving average of $30.09 and a 200-day simple moving average of $27.22. The stock has a market cap of $740.23 million, a price-to-earnings ratio of 13.02 and a beta of 1.18.

Central Pacific Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend was Friday, November 29th. Central Pacific Financial's dividend payout ratio (DPR) is currently 49.52%.

Hedge Funds Weigh In On Central Pacific Financial

Several large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in Central Pacific Financial by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 431,498 shares of the financial services provider's stock valued at $12,734,000 after acquiring an additional 26,139 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Central Pacific Financial by 4.0% in the third quarter. Franklin Resources Inc. now owns 56,148 shares of the financial services provider's stock valued at $1,634,000 after purchasing an additional 2,151 shares in the last quarter. Barclays PLC lifted its position in Central Pacific Financial by 84.3% in the third quarter. Barclays PLC now owns 58,493 shares of the financial services provider's stock worth $1,726,000 after purchasing an additional 26,755 shares during the period. Geode Capital Management LLC boosted its stake in Central Pacific Financial by 4.0% during the third quarter. Geode Capital Management LLC now owns 640,369 shares of the financial services provider's stock worth $18,901,000 after buying an additional 24,686 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Central Pacific Financial in the 3rd quarter valued at $422,000. 88.42% of the stock is currently owned by institutional investors and hedge funds.

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.