Increase in Short Interest for Central Pacific Financial Corp. (NYSE: CPF)

Central Pacific Financial Corp. (NYSE:CPF - Get Free Report) experienced a notable rise in short interest during November. By November 30th, short interest had reached a total of 633,100 shares, marking a significant increase of 11.0% from the 570,400 shares reported on November 15th. Currently, about 2.4% of the total shares of Central Pacific Financial are sold short. With an average daily trading volume of 221,300 shares, the days-to-cover ratio stands at 2.9 days.

Changes in Institutional Holdings

Various institutional investors and hedge funds have made adjustments to their stakes in Central Pacific Financial recently. For instance, Basswood Capital Management L.L.C. acquired a new position in the company's shares during the third quarter, valued at around $15,455,000. Additionally, Assenagon Asset Management S.A. increased its holdings by 143.4% over the same period, now holding 456,132 shares valued at $13,460,000 after purchasing an extra 268,719 shares. Meanwhile, Dimensional Fund Advisors LP boosted their position by 5.9% in the second quarter, bringing their total to 1,404,043 shares valued at approximately $29,765,000 after adding 77,868 shares. Also, American Century Companies Inc. increased its stake by 17.8% in the second quarter, holding now 511,590 shares valued at about $10,846,000 after acquiring an additional 77,265 shares. Finally, Acadian Asset Management LLC raised its stake by 16.6%, owning 539,882 shares valued at $11,442,000 after purchasing 76,957 extra shares. Overall, hedge funds and institutional investors control about 88.42% of the company's stock.

Stock Performance Overview

On Friday, shares of CPF opened at $30.91. The company has a market capitalization of $836.73 million, a P/E ratio of 14.72, and a beta of 1.18. Over the past year, Central Pacific Financial has seen a low of $18.00 and a high of $33.25. The 50-day moving average price is currently $30.09, while the 200-day moving average is at $26.41. Financially, the company reports a debt-to-equity ratio of 0.29, along with current and quick ratios of 0.85.

Dividend Announcement

Recently, Central Pacific Financial announced a quarterly dividend scheduled to be paid on December 16th. Stockholders who were on record as of November 29th will receive a dividend of $0.26 per share. This translates to an annualized dividend of $1.04, resulting in a yield of 3.36%. Notably, the ex-dividend date is also November 29th, and the company's payout ratio is currently 49.52%.

Analyst Ratings Update

In a recent development, StockNews.com downgraded Central Pacific Financial from a "hold" to a "sell" rating in a research update released on December 10th.

Further Analysis on CPF

Company Overview

Central Pacific Financial Corp. serves as the bank holding company for Central Pacific Bank, offering a variety of commercial banking services and products to individuals, professionals, and businesses across the United States. Its offerings include a wide array of deposit options, cash management services, digital banking solutions, trust services, retail brokerage, money market accounts, and certificates of deposit.

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Investment Guidance

Before making a choice to invest in Central Pacific Financial, it would be beneficial to consider this information. MarketBeat reviews top analysts' recommendations on a daily basis. Currently, although Central Pacific Financial holds a "Buy" rating, analysts have highlighted five other stocks which may present better buying opportunities.

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