Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Central Pacific Financial Corp. (NYSE:CPF)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Central Pacific Financial Corp. (NYSE:CPF) by 5.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,474 shares of the financial services provider’s stock after selling 2,480 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Central Pacific Financial were worth $1,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CPF. Quest Partners LLC increased its holdings in Central Pacific Financial by 144.4% during the 3rd quarter. Quest Partners LLC now owns 32,083 shares of the financial services provider’s stock worth $947,000 after purchasing an additional 18,955 shares during the last quarter. Algert Global LLC increased its holdings in Central Pacific Financial by 1.4% during the 3rd quarter. Algert Global LLC now owns 41,936 shares of the financial services provider’s stock worth $1,238,000 after purchasing an additional 570 shares during the last quarter. FMR LLC increased its holdings in Central Pacific Financial by 24.4% during the 3rd quarter. FMR LLC now owns 295,359 shares of the financial services provider’s stock worth $8,716,000 after purchasing an additional 58,009 shares during the last quarter. Martingale Asset Management L P increased its holdings in Central Pacific Financial by 4.6% during the 3rd quarter. Martingale Asset Management L P now owns 90,226 shares of the financial services provider’s stock worth $2,663,000 after purchasing an additional 3,945 shares during the last quarter. Finally, PDT Partners LLC purchased a new stake in Central Pacific Financial during the 3rd quarter worth approximately $454,000. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Central Pacific Financial from a “sell” rating to a “hold” rating in a research report on Thursday.

Central Pacific Financial Price Performance

Shares of CPF opened at $26.93 on Friday. The firm has a market cap of $730.23 million, a price-to-earnings ratio of 13.67 and a beta of 1.17. The stock has a 50 day moving average of $28.44 and a 200-day moving average of $28.92. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.35. Central Pacific Financial Corp. has a 52 week low of $18.53 and a 52 week high of $33.25.

Central Pacific Financial (NYSE:CPF) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. Central Pacific Financial had a return on equity of 12.03% and a net margin of 15.49%. As a group, analysts forecast that Central Pacific Financial Corp. will post 2.75 EPS for the current year.

Central Pacific Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $0.27 per share. The ex-dividend date was Friday, February 28th. This represents a $1.08 dividend on an annualized basis and a yield of 4.01%. This is a positive change from Central Pacific Financial’s previous quarterly dividend of $0.26. Central Pacific Financial’s payout ratio is currently 54.82%.

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.