CPB (NYSE:CPF) Coverage Initiated at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods initiated coverage on CPB, giving it a "market perform" rating with a price target of $34.00, suggesting a potential upside of 12.40% from the current stock price.
• The financial services provider missed EPS estimates in its last earnings report, posting $0.67 compared to the expected $0.70, while revenue exceeded expectations at $72.81 million.
• Insider trading activity includes significant stock sales by directors, with Paul Kosasa selling 923 shares and Agnes Catherine Ngo selling 3,333 shares earlier in August.

Keefe, Bruyette & Woods assumed coverage on shares of CPB (NYSE:CPF - Get Free Report) in a report issued on Wednesday. The brokerage set a "market perform" rating and a $34.00 price target on the financial services provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 12.40% from the stock's current price.

Several other brokerages have also commented on CPF. Piper Sandler began coverage on CPB in a research report on Thursday, August 21st. They issued an "overweight" rating and a $35.00 target price for the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of CPB in a research note on Saturday, September 27th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

CPB Stock Down 1.1%

Shares of NYSE:CPF opened at $30.25 on Wednesday. The stock's 50-day moving average price is $29.66 and its two-hundred day moving average price is $27.84. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29. CPB has a 12-month low of $23.16 and a 12-month high of $33.25. The firm has a market cap of $816.12 million, a price-to-earnings ratio of 13.56 and a beta of 1.06.

CPB (NYSE:CPF - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.03). The firm had revenue of $72.81 million during the quarter, compared to analysts' expectations of $71.80 million. CPB had a return on equity of 12.80% and a net margin of 17.31%.During the same quarter last year, the business earned $0.58 earnings per share. On average, research analysts forecast that CPB will post 2.75 EPS for the current year.

Insider Activity at CPB

In other news, Director Paul Kosasa sold 923 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $28.62, for a total value of $26,416.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Agnes Catherine Ngo sold 3,333 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $27.87, for a total value of $92,890.71. Following the completion of the sale, the director owned 65,459 shares in the company, valued at approximately $1,824,342.33. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,922 shares of company stock valued at $318,820. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Global Investments increased its position in CPB by 2.5% during the second quarter. Summit Global Investments now owns 18,885 shares of the financial services provider's stock worth $529,000 after purchasing an additional 458 shares during the last quarter. Twin Lakes Capital Management LLC grew its holdings in shares of CPB by 0.3% in the first quarter. Twin Lakes Capital Management LLC now owns 185,657 shares of the financial services provider's stock valued at $5,020,000 after purchasing an additional 480 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of CPB by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 36,011 shares of the financial services provider's stock valued at $974,000 after purchasing an additional 482 shares in the last quarter. CWM LLC grew its holdings in shares of CPB by 17.5% in the first quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 639 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in CPB by 4.4% during the 1st 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. 88.42% of the stock is currently owned by institutional investors.

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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