Acadian Asset Management LLC Trims Stock 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 lessened its holdings in CPB Inc. (NYSE:CPF - Free Report) by 5.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 477,043 shares of the financial services provider's stock after selling 28,190 shares during the quarter. Acadian Asset Management LLC owned 1.77% of CPB worth $12,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of CPB by 0.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,004,487 shares of the financial services provider's stock valued at $27,161,000 after buying an additional 5,648 shares during the last quarter. LSV Asset Management lifted its position in shares of CPB by 10.1% during the 1st quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock valued at $19,870,000 after buying an additional 67,300 shares during the last quarter. American Century Companies Inc. lifted its position in shares of CPB by 7.5% during the 1st quarter. American Century Companies Inc. now owns 708,931 shares of the financial services provider's stock valued at $19,169,000 after buying an additional 49,449 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of CPB by 6.5% during the 1st quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider's stock valued at $15,249,000 after buying an additional 34,528 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of CPB by 3.3% during the 4th quarter. Nuveen Asset Management LLC now owns 421,317 shares of the financial services provider's stock valued at $12,239,000 after buying an additional 13,406 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company's stock.

Insiders Place Their Bets

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total transaction of $92,890.71. Following the transaction, the director directly owned 65,459 shares of the company's stock, valued at $1,824,342.33. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul Kosasa sold 923 shares of the company's stock in a transaction 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. Over the last ninety days, insiders have sold 10,922 shares of company stock worth $318,820. Corporate insiders own 2.40% of the company's stock.

CPB Stock Up 1.9%

Shares of NYSE CPF traded up $0.58 during mid-day trading on Wednesday, hitting $30.58. 33,236 shares of the stock traded hands, compared to its average volume of 170,922. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85. CPB Inc. has a 52 week low of $23.16 and a 52 week high of $33.25. The company has a market cap of $824.91 million, a price-to-earnings ratio of 13.75 and a beta of 1.11. The stock has a fifty day moving average price of $29.04 and a 200-day moving average price of $27.49.

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

CPB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were 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 was Friday, August 29th. CPB's payout ratio is 48.43%.

Analysts Set New Price Targets

Separately, Piper Sandler initiated coverage on CPB in a 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, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $35.00.

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.