In a recent transaction, Agnes Catherine Ngo, a director at Central Pacific Financial Corp (NYSE:CPF), sold a total of 3,333 shares of the company. The shares were sold at an average price of $19.00, amounting to a total value of $63,327.
The sale was executed on April 12, 2024, and was reported in a filing with the Securities and Exchange Commission. Following the transaction, Ngo retained a significant holding of 85,356 shares in Central Pacific Financial, which is based in Honolulu, Hawaii.
Central Pacific Financial Corp operates as a state commercial bank and this recent sale by a key insider might be of interest to current and potential investors. The transaction details, including the number of shares sold and the price per share, can be provided to the SEC staff, the issuer, or a security holder of the issuer upon request.
The transaction was carried out in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was established on May 1, 2023. Such plans allow company insiders to sell shares over a predetermined period of time, reducing the potential for any accusations of trading on inside information, as they do not have discretion over the timing of the transactions once the plan is in place.
The shares sold by Ngo represent a small percentage of the company's total market capitalization, and she continues to have a substantial stake in the company's success through her remaining shares. Investors often monitor insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects.
For those interested in tracking the stock performance and insider transactions of Central Pacific Financial Corp, the shares are publicly traded on the New York Stock Exchange under the ticker symbol CPF.
InvestingPro Insights
Following the recent insider transaction at Central Pacific Financial Corp (NYSE:CPF), investors may be keen to understand the broader financial context of the company. According to InvestingPro data, Central Pacific Financial Corp has a market capitalization of $516.58 million and a Price-to-Earnings (P/E) ratio of 8.69, which is adjusted to 8.56 when considering the last twelve months as of Q4 2023. This valuation metric may suggest a potentially attractive entry point for value-oriented investors, particularly when compared to industry averages.
The company's dividend yield stands at 5.4% as of the latest data, underscoring Central Pacific Financial's commitment to returning value to shareholders. This is further supported by the fact that the company has maintained dividend payments for 12 consecutive years, a testament to its financial stability and management's confidence in the business's cash flow.
Two InvestingPro Tips that might be of interest to investors are that analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's profitability. Additionally, the company has been profitable over the last twelve months, which aligns with analysts' predictions that Central Pacific Financial will continue to be profitable this year.
While the company's gross profit margins have been noted as a point of weakness, the overall financial health, including a consistent dividend payout and a positive earnings revision, could be compelling factors for investors considering Central Pacific Financial Corp as part of their investment portfolio.
For a deeper dive into Central Pacific Financial Corp's financials, including additional InvestingPro Tips, investors can explore the full suite of analytics tools at InvestingPro. There are 2 more tips available for CPF, which can be accessed with a yearly or biyearly Pro and Pro+ subscription. To enhance your investing strategy, use coupon code PRONEWS24 for an additional 10% off your subscription.
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