Central Pacific Financial Corp (NYSE:CPF) director Agnes Catherine Ngo recently sold shares of the company’s common stock, according to a new SEC filing. The transaction, dated June 12, 2024, involved the sale of 3,333 shares at a price of $20.21 per share for a total consideration of $67,359.
The sales were made under a pre-arranged 10b5-1 trading plan, a tool that allows insiders to sell shares at pre-arranged times to avoid insider trading charges. The plan was entered into on May 1, 2023, meaning the Ngo had no discretion over the timing of the sale.
After the transaction, the NGO still holds a significant number of shares in the company. The filing revealed a post-market ownership of 78,690 shares, indicating a strong stake in Central Pacific Financial Corp.’s future.
Central Pacific Financial Corp, headquartered in Honolulu, Hawaii, operates as a state-owned commercial bank and is known for providing a variety of banking products and services to businesses and individuals.
Investors often track insider sales because they can provide insight into an insider’s view of the company’s current valuation or future prospects. However, it is also common for company executives to sell shares for personal financial planning reasons, unrelated to their vision for the company.
The details of the stock transactions provide a glimpse into the financial moves of one of Central Pacific Financial Corp’s key figures, but as always investors should consider a wide range of factors when assessing the implications of insider trading activities.
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