Central Pacific Financial (NYSE:CPF) Shares Gap Up Following Strong Earnings

Central Pacific Financial Corp. (NYSE:CPF) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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.

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Central Pacific Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CPF. nVerses Capital LLC acquired a new stake in Central Pacific Financial in the third quarter worth about $50,000. Quarry LP bought a new position in shares of Central Pacific Financial in the 3rd quarter valued at about $53,000. USA Financial Formulas acquired a new stake in shares of Central Pacific Financial during the 3rd quarter worth approximately $81,000. CWM LLC raised its stake in shares of Central Pacific Financial by 77.7% during the third quarter. CWM LLC now owns 3,477 shares of the financial services provider’s stock worth $103,000 after buying an additional 1,520 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Central Pacific Financial in the third quarter valued at approximately $183,000. Institutional investors own 88.42% of the company’s stock.

Central Pacific Financial Trading Down 1.8 %

The business’s 50 day simple moving average is $29.47 and its 200-day simple moving average is $28.19. 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 has a market capitalization of $759.15 million, a P/E ratio of 13.35 and a beta of 1.19.

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.