Anchorage Capital, which is led by Kevin Michael Ulrih and Anthony Davis, reduced its stake in Central Pacific Financial Corp. (NYSE:CPF) by 1.5 million shares, according to a recent filing with the SEC. The move is in connection with an underwriting agreement previously signed with Central Pacific, Citigroup Global Markets Inc. and Carlyle Financial Services Harbor LP. Anchorage’s current holding comprises 2.77 million shares and amasses about 8.8% of the $712.49 million financial company’s outstanding stock.
Founded in 2003, Anchorage Capital currently has about $21.6 billion in regulatory assets under its management. The long/short equity fund invests in public equity and fixed income markets across the U.S. and Europe. The value of the firm’s public equity portfolio stood at $3.58 billion at the end of March, with holdings in financial companies amassing 34% of this value.
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So far this year Central Pacific Financial Corp. (NYSE:CPF)’s stock has risen by nearly 6%, which is more than the average gains of 3.5% for its Regional US Banks peers. In its financial results for the second trimester, Central Pacific Financial Corp. (NYSE:CPF) beat the bottom line estimates by delivering an EPS of $0.39, which was $0.08 higher than expectations. Revenues of $37.29 million also came in $5.99 million higher than anticipated. The company profited from the construction financing during the quarter as a number of projects reached their completion. Going forward Central Pacific Financial Corp. (NYSE:CPF) intends to focus on income property lending such as retail or apartment buildings as well as mortgages, according to president and chief banking officer Lance Mizumoto.
Central Pacific Financial Corp. (NYSE:CPF) has also managed to reduce nonperforming assets by 23.8% d