17,822 Shares in CPB Inc. $CPF Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. bought a new position in shares of CPB Inc. (NYSE:CPF - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,822 shares of the financial services provider's stock, valued at approximately $500,000. Envestnet Portfolio Solutions Inc. owned about 0.07% of CPB as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Twin Lakes Capital Management LLC lifted its stake in CPB by 0.3% during the first quarter. Twin Lakes Capital Management LLC now owns 185,657 shares of the financial services provider's stock worth $5,020,000 after purchasing an additional 480 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in CPB by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 36,558 shares of the financial services provider's stock worth $1,025,000 after purchasing an additional 547 shares during the last quarter. CWM LLC lifted its stake in CPB by 17.5% during the first quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock worth $116,000 after purchasing an additional 639 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 last quarter. Finally, State of Alaska Department of Revenue lifted its stake in CPB by 6.9% during the second quarter. State of Alaska Department of Revenue now owns 16,037 shares of the financial services provider's stock worth $448,000 after purchasing an additional 1,040 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CPF. Piper Sandler started coverage on CPB in a research note on Thursday, August 21st. They set an "overweight" rating and a $35.00 target price for the company. Keefe, Bruyette & Woods started coverage on CPB in a research report on Wednesday, October 8th. They set a "market perform" rating and a $34.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of CPB in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, CPB presently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

CPB Trading Down 0.1%

CPF opened at $28.95 on Wednesday. The firm has a market cap of $781.12 million, a price-to-earnings ratio of 12.98 and a beta of 1.06. CPB Inc. has a 52 week low of $23.16 and a 52 week high of $33.25. The business's 50 day moving average is $30.08 and its two-hundred day moving average is $27.99. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29.

CPB (NYSE:CPF - Get Free Report) last released its earnings results on Monday, March 10th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter. The business had revenue of $66.59 million for the quarter. CPB had a return on equity of 12.80% and a net margin of 17.31%. On average, research analysts predict that CPB Inc. will post 2.75 EPS for the current year.

CPB Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $0.27 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.7%. CPB's payout ratio is presently 48.43%.

Insider Buying and Selling

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total value of $92,890.71. Following the transaction, the director owned 65,459 shares of the company's stock, valued at approximately $1,824,342.33. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul Kosasa sold 923 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $28.62, for a total value of $26,416.26. The disclosure for this sale can be found here. In the last three months, insiders sold 7,589 shares of company stock worth $221,497. Corporate insiders own 2.40% of the company's stock.

CPB 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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