Allianz Asset Management GmbH Lowers Holdings in CPB Inc. $CPF

Key Points

• Allianz Asset Management GmbH reduced its holdings in CPB Inc. by 22.9%, selling 129,025 shares and owning approximately 1.61% of the company valued at $12.19 million as of the latest filing.
• Additionally, CPB recently declared a $0.27 quarterly dividend, resulting in an annualized dividend of $1.08 with a yield of 3.7%, while the company's payout ratio stands at 48.43%.
• Analysts have mixed ratings for CPB, with reports giving a consensus rating of "Moderate Buy" and a target price of $34.50, highlighting a generally optimistic outlook despite the recent share reductions.

Allianz Asset Management GmbH reduced its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 22.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 434,926 shares of the financial services provider's stock after selling 129,025 shares during the quarter. Allianz Asset Management GmbH owned about 1.61% of CPB worth $12,191,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of CPB by 0.6% during the first 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 period. LSV Asset Management grew its holdings in CPB by 10.1% during the 1st quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock worth $19,870,000 after acquiring an additional 67,300 shares in the last quarter. American Century Companies Inc. increased its position in 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 purchasing an additional 49,449 shares during the period. Nuveen LLC bought a new stake in shares of CPB in the 1st quarter valued at about $11,382,000. Finally, Millennium Management LLC raised its holdings in shares of CPB by 433.6% in the 1st quarter. Millennium Management LLC now owns 293,335 shares of the financial services provider's stock valued at $7,932,000 after purchasing an additional 238,367 shares in the last quarter. 88.42% of the stock is owned by institutional investors.

CPB Price Performance

Shares of CPF opened at $28.99 on Tuesday. The company has a 50 day moving average of $30.07 and a two-hundred day moving average of $27.98. 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 Inc. has a twelve month low of $23.16 and a twelve month high of $33.25. The company has a market cap of $782.15 million, a price-to-earnings ratio of 13.00 and a beta of 1.06.

CPB (NYSE:CPF - Get Free Report) last issued its quarterly 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%. As a group, 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 was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $0.27 per share. The ex-dividend date 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 Activity

In related news, Director Agnes Catherine Ngo sold 3,333 shares of the 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 transaction, the director directly owned 65,459 shares of the company's stock, valued at $1,824,342.33. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Kosasa sold 923 shares of CPB stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $28.62, for a total transaction of $26,416.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,589 shares of company stock worth $221,497. Corporate insiders own 2.40% of the company's stock.

Analyst Ratings Changes

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

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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