Bosun Asset Management LLC Decreases Holdings in CPB Inc. $CPF

Key Points

• Bosun Asset Management LLC has reduced its stake in CPB Inc. by 46.0%, selling 13,169 shares, and now owns 0.06% of the company valued at $419,000.
• CPB Inc. reported $0.67 earnings per share for the last quarter, missing analysts' expectations, though revenue was slightly above forecasts at $72.81 million.
• CPB has announced a quarterly dividend of $0.27 per share with a yield of 3.4%, to be paid on September 15th to stockholders of record as of August 29th.

Bosun Asset Management LLC trimmed its position in CPB Inc. (NYSE:CPF - Free Report) by 46.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,485 shares of the financial services provider's stock after selling 13,169 shares during the quarter. Bosun Asset Management LLC owned 0.06% of CPB worth $419,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Jane Street Group LLC lifted its stake in CPB by 48.7% during the 4th quarter. Jane Street Group LLC now owns 60,153 shares of the financial services provider's stock valued at $1,747,000 after acquiring an additional 19,690 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in CPB by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider's stock valued at $594,000 after purchasing an additional 2,468 shares during the last quarter. Deutsche Bank AG lifted its holdings in CPB by 389.7% during the 1st quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider's stock worth $3,569,000 after buying an additional 105,051 shares in the last quarter. 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 worth $12,239,000 after purchasing an additional 13,406 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of CPB by 4.5% in the 4th quarter. Northern Trust Corp now owns 352,982 shares of the financial services provider's stock valued at $10,254,000 after buying an additional 15,243 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company's stock.

Insider Activity

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $27.87, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Kosasa sold 923 shares of the firm's 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. Over the last quarter, insiders have sold 10,922 shares of company stock worth $306,588. Corporate insiders own 2.40% of the company's stock.

Wall Street Analyst Weigh In

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

CPB Stock Up 0.3%

Shares of CPF traded up $0.10 during trading hours on Wednesday, reaching $30.83. The company's stock had a trading volume of 15,966 shares, compared to its average volume of 171,959. The firm has a market cap of $831.66 million, a price-to-earnings ratio of 13.82 and a beta of 1.11. The company has a 50 day moving average of $28.93 and a two-hundred day moving average of $27.43. CPB Inc. has a 1-year low of $23.16 and a 1-year 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 earnings results 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 during the quarter, compared to analyst estimates 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 previous year, the business posted $0.58 earnings per share. As a group, research analysts predict that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Dividend Announcement

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

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.