CPB (NYSE:CPF) Stock Picked Up by Analysts at Hovde Group

Key Points

• Hovde Group initiated coverage of CPB with a “market perform” rating and a $38 price target, implying 5.47% upside from the stock’s reported $36.03 price.
• Analyst sentiment is broadly positive but mixed: CPB has a consensus “Moderate Buy” rating and an average price target of $39, while individual targets range from $38 to $44.
• CPB exceeded quarterly expectations, reporting $0.80 EPS versus the $0.78 consensus and revenue of $77.45 million versus $75.69 million; institutional investors own 88.42% of the company.

Analysts at Hovde Group assumed coverage on shares of CPB (NYSE:CPF - Get Free Report) in a research report issued on Friday, Benzinga reports. The firm set a "market perform" rating and a $38.00 price target on the financial services provider's stock. Hovde Group's target price points to a potential upside of 5.47% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Zacks Research downgraded shares of CPB from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Weiss Ratings reissued a "buy (a-)" rating on shares of CPB in a research note on Monday, September 14th. Finally, Benchmark started coverage on CPB in a research report on Thursday, July 9th. They set a "buy" rating and a $44.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $39.00.

CPB Trading Up 0.4%

CPF stock opened at $36.03 on Friday. The firm has a fifty day moving average price of $37.93 and a 200 day moving average price of $36.03. CPB has a fifty-two week low of $27.38 and a fifty-two week high of $40.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $927.72 million, a PE ratio of 11.55 and a beta of 0.87.

CPB (NYSE:CPF - Get Free Report) last released its quarterly earnings results on Friday, July 24th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. CPB had a net margin of 22.52% and a return on equity of 14.20%. The company had revenue of $77.45 million for the quarter, compared to the consensus estimate of $75.69 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Sell-side analysts anticipate that CPB will post 3.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CPF. Bank of New York Mellon Corp purchased a new position in CPB during the 2nd quarter worth $11,926,000. Principal Financial Group Inc. lifted its holdings in shares of CPB by 27.1% in the 1st quarter. Principal Financial Group Inc. now owns 162,431 shares of the financial services provider's stock worth $5,191,000 after buying an additional 34,591 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of CPB in the 4th quarter worth $3,171,000. Hennion & Walsh Asset Management Inc. grew its position in shares of CPB by 94.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 27,727 shares of the financial services provider's stock worth $1,059,000 after buying an additional 13,499 shares in the last quarter. Finally, Globeflex Capital L P bought a new position in shares of CPB during the 2nd quarter worth $900,000. Hedge funds and other institutional investors own 88.42% of the company's stock.

CPB Company Profile

Central Pacific Financial Corp. is a bank holding company headquartered in Honolulu, Hawaii. Through its principal subsidiary, Central Pacific Bank, the company provides banking and financial services to consumers, businesses, nonprofit organizations and government entities throughout the Hawaiian Islands.

Central Pacific Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury management services, online and mobile banking, and wealth management solutions.

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