CPB Inc. (NYSE:CPF) to Issue Dividend Increase - $0.31 Per Share

Key Points

• CPB increased its quarterly dividend 3.3% to $0.31 per share, payable December 15 to shareholders of record November 30. The annualized dividend is $1.24, representing a 3.3% yield.
• The dividend appears well covered, with a current payout ratio of 37.7% and an expected future payout ratio of 33.1% based on projected earnings.
• CPB exceeded quarterly earnings expectations, reporting $0.88 per share versus the $0.85 consensus estimate. Analysts maintain a “Moderate Buy” consensus rating with a $39 price target.

CPB Inc. (NYSE:CPF - Get Free Report) declared a quarterly dividend on Tuesday, October 27th. Stockholders of record on Monday, November 30th will be given a dividend of $0.31 per share by the financial services provider on Tuesday, December 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, November 30th. This is a 3.3% increase from CPB's previous quarterly dividend of $0.30.

CPB has a dividend payout ratio of 37.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect CPB to earn $3.63 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 33.1%.

CPB Trading Up 0.4%

CPF opened at $37.96 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The firm has a market cap of $977.36 million, a price-to-earnings ratio of 12.17 and a beta of 0.87. CPB has a 12 month low of $28.09 and a 12 month high of $40.99. The stock has a fifty day moving average price of $37.00 and a 200-day moving average price of $35.33.

CPB (NYSE:CPF - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.03. CPB had a return on equity of 14.20% and a net margin of 22.52%. The company had revenue of $76.83 million for the quarter, compared to the consensus estimate of $77.27 million. As a group, equities research analysts anticipate that CPB will post 3.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

CPF has been the topic of a number of recent analyst reports. Benchmark initiated coverage on shares of CPB in a report on Thursday, July 9th. They issued a "buy" rating and a $44.00 price target on the stock. Weiss Ratings upgraded shares of CPB from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday. Hovde Group assumed coverage on shares of CPB in a research report on Friday, October 2nd. They set a "market perform" rating and a $38.00 target price for the company. Finally, Zacks Research downgraded shares of CPB from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, CPB has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

CPB Company Profile

Central Pacific Financial Corp. is the bank holding company for Central Pacific Bank, a community-focused financial institution headquartered in Honolulu, Hawaii. Central Pacific Bank serves consumers, businesses, nonprofit organizations and government entities, with a focus on customers throughout the Hawaiian Islands.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, commercial and small-business loans, commercial real estate financing, and treasury management services.

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