Acadian Asset Management LLC Trims Holdings in CPB Inc. $CPF

Key Points

• Acadian Asset Management LLC has reduced its holdings in CPB Inc. by 5.6%, owning approximately 1.77% of the company's shares valued at about $12.89 million.
• CPB Inc. reported an EPS of $0.67 for the last quarter, missing analysts' estimates by $0.03, despite revenue exceeding expectations at $72.81 million.
• The company declared a quarterly dividend of $0.27 per share, resulting in an annualized yield of 3.5%, with a payout ratio of 48.43%.

Acadian Asset Management LLC decreased its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 5.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 477,043 shares of the financial services provider's stock after selling 28,190 shares during the quarter. Acadian Asset Management LLC owned approximately 1.77% of CPB worth $12,894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CPF. Quantbot Technologies LP grew its position in shares of CPB by 114.1% during the 1st quarter. Quantbot Technologies LP now owns 4,027 shares of the financial services provider's stock worth $109,000 after buying an additional 2,146 shares in the last quarter. CKW Financial Group grew its position in shares of CPB by 40.9% during the 1st quarter. CKW Financial Group now owns 4,022 shares of the financial services provider's stock worth $109,000 after buying an additional 1,168 shares in the last quarter. CWM LLC grew its position in shares of CPB by 17.5% during the 1st quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock worth $116,000 after buying an additional 639 shares in the last quarter. ProShare Advisors LLC bought a new stake in CPB during the fourth quarter valued at about $234,000. Finally, Royal Bank of Canada boosted its position in CPB by 15.8% during the first quarter. Royal Bank of Canada now owns 9,131 shares of the financial services provider's stock valued at $247,000 after purchasing an additional 1,245 shares in the last quarter. Institutional investors own 88.42% of the company's stock.

CPB Price Performance

Shares of CPF stock opened at $30.87 on Friday. CPB Inc. has a 1-year low of $23.16 and a 1-year high of $33.25. The stock's 50-day moving average is $28.98 and its 200 day moving average is $27.47. The company has a market cap of $832.96 million, a P/E ratio of 13.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85.

CPB (NYSE:CPF - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.03). The company had revenue of $72.81 million for the quarter, compared to the consensus estimate of $71.80 million. CPB had a net margin of 17.31% and a return on equity of 12.80%. During the same period in the previous year, the business earned $0.58 EPS. Research analysts predict that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, August 29th. CPB's dividend payout ratio (DPR) is currently 48.43%.

Wall Street Analyst Weigh In

Separately, Piper Sandler started coverage on CPB in a research report on Thursday, August 21st. They set an "overweight" rating and a $35.00 price objective on the stock. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $35.00.

Insider Activity

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was 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 of the company's stock, valued at approximately $1,824,342.33. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Kosasa sold 923 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was 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 valued at $216,631. 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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