Agnes Catherine Ngo, a director at Central Pacific Financial Corp (NYSE:CPF), has sold 3,333 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on July 12, 2024, amounted to over $75,000, with shares sold at a weighted average price of $22.669. The prices ranged from $22.41 to $22.83 per share.
The sale was executed under a Rule 10b5-1 Plan, which was established on May 1, 2023. Such plans allow company insiders to set up a pre-planned schedule to sell stocks at a predetermined time, minimizing the potential for any accusations of insider trading. This means that Ngo had no discretion over the timing of this sale.
Following the transaction, Ngo's direct holdings in Central Pacific Financial Corp have decreased, but she still retains a significant number of shares. The filing shows that after the sale, Ngo directly owns 75,357 shares of the company's stock. Additionally, she holds indirect positions through various trusts and foundations, as detailed in the SEC filing.
Central Pacific Financial Corp is a state commercial bank headquartered in Honolulu, Hawaii. The bank provides a range of banking products and services to individuals and businesses in the state.
Investors often monitor insider transactions as they can provide insights into how the company's leadership perceives the firm's valuation and future prospects. However, such transactions are not always indicative of future price movements and should be evaluated alongside other factors.
This latest transaction demonstrates a significant movement within the company's insider trading activities and will likely be of interest to current and potential investors who keep track of insider behaviors for signs of the company's performance and valuation.
In other recent news, Central Pacific Financial Corp. reported a steady Q1 income of $12.9 million, or $0.48 per diluted share. The company's total loan portfolio experienced a minor decrease, and non-performing assets slightly increased due to specific mortgage loans. Despite these challenges, Central Pacific Financial Corp. maintains an optimistic outlook for Hawaii's economic growth and anticipates modest expansion in 2024.
The company's effective tax rate is projected to remain between 23% to 25%. Central Pacific Financial Corp. aims for low single-digit total deposit growth for the year and expects the net interest margin to be in the 2.90% to 3% range. The firm plans to maintain a dividend payout ratio of 40% to 50% and continue share repurchases.
These recent developments underscore Central Pacific Financial Corp.'s resilience and strategic approach to capital deployment in the face of short-term challenges. The company remains focused on managing growth and the cost of deposits to improve its net interest margin, while maintaining strong credit quality.
InvestingPro Insights
Central Pacific Financial Corp (NYSE:CPF) has recently seen a notable insider transaction, with director Agnes Catherine Ngo selling 3,333 shares. While insider sales can often provide insights into a company's internal perceptions, it's also essential to consider broader financial metrics and market performance indicators.
InvestingPro data shows that Central Pacific Financial Corp has a market capitalization of 627.38M USD and a Price/Earnings (P/E) ratio of 11.4, which is slightly adjusted to 10.99 when considering the last twelve months as of Q1 2024. This suggests a valuation that is potentially attractive to value investors, especially when compared to industry peers. Additionally, the company has had a strong performance in terms of price total returns, with an impressive 8.14% return over the last week and a 14.45% increase over the past month.
Moreover, investors might find the consistent dividend payments over the last 12 years noteworthy, with a current dividend yield of 4.61%. This could indicate a reliable stream of income, which is often a sign of financial stability and a commitment to shareholder returns.
According to InvestingPro Tips, Central Pacific Financial Corp has maintained a robust return over various periods, including the last three months, with a 20.62% total return. This strong performance is further underscored by the company's trading near its 52-week high, at 98.6% of this threshold.
For those seeking deeper insights and additional analysis, there are more InvestingPro Tips available, which can guide investors in making informed decisions. For access to these valuable tips, visit https://www.investing.com/pro/CPF. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With several more tips listed on InvestingPro, investors can gain a comprehensive understanding of Central Pacific Financial Corp's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.