CPB (NYSE:CPF) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

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) posted its quarterly earnings data on Friday. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.03), Zacks reports. CPB had a return on equity of 12.80% and a net margin of 17.31%. The company had revenue of $72.81 million for the quarter, compared to analysts' expectations of $71.80 million. During the same period in the previous year, the business posted $0.58 EPS.

CPB Stock Performance

CPB stock traded down $0.20 during midday trading on Wednesday, hitting $27.13. 37,801 shares of the company's stock were exchanged, compared to its average volume of 174,601. The stock has a market cap of $731.72 million, a price-to-earnings ratio of 12.17 and a beta of 1.04. The firm's 50 day simple moving average is $27.56 and its 200 day simple moving average is $27.42. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 0.85. CPB has a 12-month low of $23.16 and a 12-month high of $33.25.

CPB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.98%. CPB's payout ratio is 48.43%.

Insider Transactions at CPB

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $29.20, for a total value of $97,323.60. Following the completion of the transaction, the director owned 68,792 shares of the company's stock, valued at $2,008,726.40. The trade was a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the sale, the director owned 19,711 shares of the company's stock, valued at approximately $518,596.41. This represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,764 shares of company stock worth $352,386. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On CPB

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in 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 buying an additional 238,367 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of CPB by 1.6% in the 1st quarter. AQR Capital Management LLC now owns 169,809 shares of the financial services provider's stock valued at $4,592,000 after buying an additional 2,731 shares during the last quarter. Empowered Funds LLC raised its stake in 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 acquiring an additional 3,837 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 buying an additional 7,530 shares during the period. Finally, Jane Street Group LLC increased its position in shares of 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 purchasing an additional 25,448 shares during the period. Institutional investors own 88.42% of the company's stock.

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.