CPB (NYSE:CPF) Announces Quarterly Earnings Results

Key Points

• CPB reported a quarterly earnings per share (EPS) of $0.67, falling short of the expected $0.70 EPS, while revenue increased to $72.81 million, surpassing estimates.
• The company declared a quarterly dividend of $0.27, providing a 3.90% yield based on an annualized rate of $1.08.
• Insider selling activity included notable transactions, with a director selling 3,333 shares at an average price of $27.71, indicating a decrease in their ownership percentage.

CPB (NYSE:CPF - Get Free Report) released its quarterly earnings data on Friday. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.03), Zacks reports. The business had revenue of $72.81 million during the quarter, compared to the consensus estimate of $71.80 million. CPB had a net margin of 16.76% and a return on equity of 12.65%. During the same quarter in the prior year, the company earned $0.58 EPS.

CPB Stock Performance

Shares of NYSE CPF traded down $0.16 during trading hours on Friday, reaching $27.70. 157,200 shares of the stock were exchanged, compared to its average volume of 130,274. The firm has a market capitalization of $747.29 million, a price-to-earnings ratio of 12.94 and a beta of 1.04. 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 52 week low of $23.16 and a 52 week high of $33.25. The stock's fifty day simple moving average is $27.56 and its 200 day simple moving average is $27.41.

CPB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.90%. CPB's dividend payout ratio is 50.47%.

Insider Buying and Selling

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the 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 transaction, the director owned 72,922 shares in the company, valued at approximately $2,020,668.62. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul K. Yonamine sold 2,765 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total value of $72,747.15. Following the transaction, the director owned 19,711 shares in the company, valued at approximately $518,596.41. This trade represents a 12.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,764 shares of company stock worth $352,386. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CPB

A number of large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 purchasing an additional 670 shares during the period. Royal Bank of Canada increased its stake in CPB by 15.8% during the 1st quarter. Royal Bank of Canada now owns 9,131 shares of the financial services provider's stock worth $247,000 after acquiring an additional 1,245 shares during the period. AQR Capital Management LLC increased its stake in CPB by 1.6% during the 1st 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 during the period. Empowered Funds LLC increased its stake in CPB by 4.2% during the 1st quarter. Empowered Funds LLC now owns 94,421 shares of the financial services provider's stock worth $2,553,000 after acquiring an additional 3,837 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in CPB by 9.2% during the 1st 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 worth $2,411,000 after acquiring an additional 7,530 shares during the period. Institutional investors own 88.42% of the company's stock.

About CPB

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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