CPB Inc. $CPF Stake Increased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in CPB Inc. by 7.5% in Q1, owning 708,931 shares valued at approximately $19.17 million.
• Analysts from Piper Sandler initiated coverage on CPB, giving it an "overweight" rating with a price target of $35.00.
• CPB declared a quarterly dividend of $0.27 per share, with a dividend yield of 3.5% and a payout ratio of 48.43%.

American Century Companies Inc. increased its stake in CPB Inc. (NYSE:CPF - Free Report) by 7.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 708,931 shares of the financial services provider's stock after acquiring an additional 49,449 shares during the period. American Century Companies Inc. owned approximately 2.63% of CPB worth $19,169,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CPF. CWM LLC boosted its position in shares of CPB by 17.5% in the first quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock worth $116,000 after acquiring an additional 639 shares during the last quarter. Aquatic Capital Management LLC boosted its position in shares of CPB by 663.3% in the fourth quarter. Aquatic Capital Management LLC now owns 7,633 shares of the financial services provider's stock worth $222,000 after acquiring an additional 6,633 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of CPB in the fourth quarter worth approximately $234,000. Price T Rowe Associates Inc. MD boosted its position in shares of CPB by 18.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,331 shares of the financial services provider's stock worth $301,000 after acquiring an additional 1,589 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in CPB by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,179 shares of the financial services provider's stock valued at $441,000 after buying an additional 493 shares in the last quarter. 88.42% of the stock is owned by institutional investors and hedge funds.

CPB Stock Up 0.3%

Shares of CPF traded up $0.10 during mid-day trading on Friday, reaching $31.33. 9,719 shares of the stock traded hands, compared to its average volume of 172,882. The firm has a market cap of $845.15 million, a price-to-earnings ratio of 14.07 and a beta of 1.07. The stock has a fifty day simple moving average of $28.35 and a 200 day simple moving average of $27.35. CPB Inc. has a 12-month low of $23.16 and a 12-month high of $33.25. 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 posted its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.03). The firm had revenue of $72.81 million for the quarter, compared to analysts' expectations of $71.80 million. CPB had a net margin of 17.31% and a return on equity of 12.80%. During the same quarter in the prior year, the business earned $0.58 EPS. Sell-side analysts expect that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.27 per share. The ex-dividend date is Friday, August 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.4%. CPB's dividend payout ratio (DPR) is currently 48.43%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Paul K. Yonamine sold 2,765 shares of CPB stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $26.31, for a total value of $72,747.15. Following the completion of the sale, the director owned 19,711 shares in the company, valued at approximately $518,596.41. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Agnes Catherine Ngo sold 3,333 shares of CPB 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 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 position. The disclosure for this sale can be found here. Insiders have sold 12,764 shares of company stock worth $352,919 in the last quarter. 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.