Connor Clark & Lunn Investment Management Ltd. Has $630,000 Stake in CPB Inc. $CPF

Key Points

• Connor Clark & Lunn Investment Management Ltd. sold 17,173 shares of CPB Inc., reducing its ownership by 42.4% to 23,301 shares, valued at $630,000.
• Several institutional investors have increased their stakes in CPB, with Charles Schwab Investment Management acquiring an additional 5,648 shares during the same period.
• CPB recently announced a quarterly dividend of $0.27 per share, with a yield of 3.8%, to be paid on September 15th.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 42.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,301 shares of the financial services provider's stock after selling 17,173 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of CPB worth $630,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in 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 worth $27,161,000 after acquiring an additional 5,648 shares during the last quarter. LSV Asset Management boosted its stake 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 during the last quarter. Allianz Asset Management GmbH boosted its stake in CPB by 6.5% during the 1st quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider's stock worth $15,249,000 after acquiring an additional 34,528 shares during the last quarter. Basswood Capital Management L.L.C. lifted its stake in CPB by 0.8% in the fourth quarter. Basswood Capital Management L.L.C. now owns 527,794 shares of the financial services provider's stock valued at $15,332,000 after buying an additional 4,065 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in CPB by 3.3% in the fourth 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 in the last quarter. Institutional investors own 88.42% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler started coverage on shares of CPB in a research note on Thursday. They issued an "overweight" rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $35.00.

Insiders Place Their Bets

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the business's stock in a transaction 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 sale, the director owned 65,459 shares of the company's stock, valued at $1,824,342.33. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders sold 12,764 shares of company stock worth $352,919. 2.40% of the stock is currently owned by insiders.

CPB Stock Up 4.5%

Shares of CPF stock traded up $1.3140 during trading on Friday, reaching $30.7240. The company's stock had a trading volume of 263,520 shares, compared to its average volume of 157,553. The business has a fifty day moving average price of $27.92 and a 200-day moving average price of $27.29. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. The company has a market cap of $828.93 million, a price-to-earnings ratio of 13.78 and a beta of 1.07. CPB Inc. has a one year low of $23.16 and a one year high of $33.25.

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

CPB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.5%. CPB's dividend payout ratio is presently 48.43%.

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.