CPB Inc. (NYSE:CPF) Plans Quarterly Dividend of $0.27

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 given a dividend of 0.27 per share by the financial services provider on Monday, September 15th. This represents a $1.08 annualized dividend and a yield of 3.88%.

CPB has a payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. 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

CPF opened at $27.82 on Friday. The firm has a market cap of $750.56 million, a P/E ratio of 13.00 and a beta of 1.04. The firm has a 50-day moving average of $27.55 and a 200 day moving average of $27.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 0.84. CPB has a fifty-two week low of $23.16 and a fifty-two week high of $33.25.

CPB (NYSE:CPF - Get Free Report) last issued its earnings results on Friday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.03). The business had revenue of $72.81 million for the quarter, compared to the consensus estimate of $71.80 million. CPB had a return on equity of 12.65% and a net margin of 16.76%. During the same quarter in the prior year, the business earned $0.58 EPS. On average, research analysts expect that CPB will post 2.75 EPS for the current year.

Insider Transactions at CPB

In other CPB news, Director Paul K. Yonamine sold 2,765 shares of the stock in a transaction dated Thursday, June 5th. The shares were 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 $518,596.41. This trade represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $27.71, for a total transaction of $92,357.43. Following the transaction, the director owned 72,922 shares of the company's stock, valued at $2,020,668.62. This represents a 4.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,764 shares of company stock valued at $352,386 in the last quarter. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On CPB

A number of large investors have recently modified their holdings of CPF. Royal Bank of Canada raised its stake in CPB by 15.8% in the first quarter. Royal Bank of Canada now owns 9,131 shares of the financial services provider's stock valued at $247,000 after purchasing an additional 1,245 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of CPB by 1.6% during the first quarter. AQR Capital Management LLC now owns 169,809 shares of the financial services provider's stock worth $4,592,000 after acquiring an additional 2,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of CPB by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,849 shares of the financial services provider's stock worth $429,000 after acquiring an additional 670 shares in the last quarter. Millennium Management LLC raised its stake 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 worth $7,932,000 after acquiring an additional 238,367 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of CPB during the first quarter worth approximately $248,000. 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.

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