Central Pacific Financial Corp. (NYSE:CPF) Expected to Post Quarterly Sales of $62.15 Million

Wall Street brokerages expect Central Pacific Financial Corp. (NYSE:CPF – Get Rating) to post sales of $62.15 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Central Pacific Financial’s earnings, with the lowest sales estimate coming in at $61.39 million and the highest estimate coming in at $62.90 million. Central Pacific Financial reported sales of $62.59 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 0.7%. The company is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Central Pacific Financial will report full-year sales of $252.08 million for the current financial year, with estimates ranging from $251.36 million to $252.80 million. For the next financial year, analysts anticipate that the company will post sales of $278.37 million, with estimates ranging from $276.90 million to $279.83 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Central Pacific Financial.

Central Pacific Financial (NYSE:CPF – Get Rating) last announced its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.14. Central Pacific Financial had a net margin of 31.06% and a return on equity of 15.10%. During the same quarter last year, the firm posted $0.64 earnings per share.

CPF has been the subject of a number of analyst reports. Compass Point cut their price objective on shares of Central Pacific Financial from $30.00 to $29.00 in a research report on Thursday, April 21st. Zacks Investment Research downgraded shares of Central Pacific Financial from a “buy” rating to a “hold” rating in a research note on Monday, April 25th. Raymond James lifted their target price on shares of Central Pacific Financial from $29.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, January 27th. Finally, StockNews.com began coverage on shares of Central Pacific Financial in a research note on Thursday, March 31st. They issued a “hold” rating on the stock.

CPF traded down $0.83 during trading on Monday, hitting $24.33. 2,449 shares of the company traded hands, compared to its average volume of 153,206. The firm has a market cap of $670.29 million, a P/E ratio of 8.68 and a beta of 1.20. The stock’s fifty day moving average is $27.27 and its 200 day moving average is $28.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.30. Central Pacific Financial has a one year low of $23.12 and a one year high of $30.97.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date is Friday, May 27th. Central Pacific Financial’s payout ratio is currently 35.86%.

In other Central Pacific Financial news, President Agnes Catherine Ngo sold 6,135 shares of the business’s stock in a transaction on Monday, February 28th. The shares were sold at an average price of $29.20, for a total transaction of $179,142.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in CPF. Goldman Sachs Group Inc. boosted its holdings in shares of Central Pacific Financial by 116.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 458,102 shares of the financial services provider’s stock valued at $12,904,000 after buying an additional 245,969 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Central Pacific Financial during the 4th quarter valued at $5,852,000. Cramer Rosenthal Mcglynn LLC boosted its holdings in shares of Central Pacific Financial by 13.8% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,409,926 shares of the financial services provider’s stock valued at $36,207,000 after buying an additional 170,771 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Central Pacific Financial by 112.1% during the 2nd quarter. Morgan Stanley now owns 235,900 shares of the financial services provider’s stock valued at $6,148,000 after buying an additional 124,659 shares in the last quarter. Finally, Alps Advisors Inc. boosted its holdings in shares of Central Pacific Financial by 667.8% during the 4th quarter. Alps Advisors Inc. now owns 118,695 shares of the financial services provider’s stock valued at $3,343,000 after buying an additional 103,235 shares in the last quarter. Hedge funds and other institutional investors own 89.53% of the company’s stock.

About Central Pacific Financial (Get Rating)

Central Pacific Financial Corp. operates as the holding company for Central Pacific Bank that provides commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products and services, including personal and business checking and savings accounts, money market accounts, and time certificates of deposit.

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