CPB Inc. (NYSE:CPF) to Issue $0.27 Quarterly Dividend

Key Points

• CPB Inc. announced a quarterly dividend of $0.27 per share, with a yield of 3.88%; the dividend will be payable on September 15th to investors of record on August 29th.
• Despite reporting earnings of $0.67 per share that missed analysts' estimates, CPB's annual dividend of $1.08 remains covered by earnings, with an expected future payout ratio of 35.4%.
• Insiders have recently sold shares of CPB, including Director Paul K. Yonamine, who sold 2,765 shares, which represents a 12.30% decrease in his ownership.

CPB Inc. (NYSE:CPF - Get Free Report) declared a quarterly dividend on Friday, July 25th, RTT News reports. Investors of record on Friday, August 29th will be paid a dividend of 0.27 per share by the financial services provider on Monday, September 15th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.95%.

CPB has a payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect CPB to earn $3.05 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 35.4%.

CPB Price Performance

NYSE:CPF traded down $0.02 during trading hours on Tuesday, reaching $27.33. The stock had a trading volume of 34,478 shares, compared to its average volume of 174,826. CPB has a 52 week low of $23.16 and a 52 week high of $33.25. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 0.85. The company has a 50 day moving average price of $27.56 and a two-hundred day moving average price of $27.42. The stock has a market capitalization of $737.36 million, a PE ratio of 12.26 and a beta of 1.04.

CPB (NYSE:CPF - Get Free Report) last released its earnings results on Friday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.03). The company had revenue of $72.81 million for the quarter, compared to the consensus estimate of $71.80 million. CPB had a net margin of 17.31% and a return on equity of 12.80%. During the same period in the prior year, the firm posted $0.58 EPS. As a group, sell-side analysts anticipate that CPB will post 2.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $27.71, for a total transaction of $92,357.43. Following the completion of the sale, the director directly owned 72,922 shares of the company's stock, valued at approximately $2,020,668.62. This trade represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the completion of the transaction, the director owned 19,711 shares in the company, valued at approximately $518,596.41. The trade was a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,764 shares of company stock worth $352,386. Insiders own 2.40% of the company's stock.

Institutional Trading of CPB

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC raised its stake in CPB by 42.3% in the first quarter. Jane Street Group LLC now owns 85,601 shares of the financial services provider's stock worth $2,315,000 after buying an additional 25,448 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in CPB by 9.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 89,160 shares of the financial services provider's stock valued at $2,411,000 after acquiring an additional 7,530 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of CPB by 4.2% in the 1st quarter. Empowered Funds LLC now owns 94,421 shares of the financial services provider's stock valued at $2,553,000 after purchasing an additional 3,837 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of CPB during the 1st quarter worth about $248,000. Finally, Millennium Management LLC raised its holdings in shares of CPB by 433.6% during the first quarter. Millennium Management LLC now owns 293,335 shares of the financial services provider's stock valued at $7,932,000 after acquiring an additional 238,367 shares during the last quarter. 88.42% of the stock is currently owned by institutional investors.

CPB Company Profile

Central Pacific Financial Corp. operates as the bank holding company for Central Pacific Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products and services, including checking, savings and time deposits, cash management and digital banking, trust, and retail brokerage services, as well as money market accounts and certificates of deposit.