Vanguard Group Inc. Sells 26,838 Shares of CPB Inc. $CPF

Key Points

• Vanguard Group Inc. has reduced its stake in CPB Inc. by 1.3%, now owning approximately 2.1 million shares, worth $56.7 million.
• The company recently announced a quarterly dividend of $0.27 per share, delivering an annualized yield of 3.4%.
• Analysts from Piper Sandler have assigned an "overweight" rating to CPB, with a price target of $35.00, indicating positive sentiment towards the stock.

Vanguard Group Inc. lessened its holdings in CPB Inc. (NYSE:CPF - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,097,492 shares of the financial services provider's stock after selling 26,838 shares during the quarter. Vanguard Group Inc. owned approximately 7.78% of CPB worth $56,716,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in CPB in the fourth quarter valued at about $4,412,000. LSV Asset Management boosted its holdings in shares of CPB by 10.1% in the 1st quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock valued at $19,870,000 after purchasing an additional 67,300 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of CPB during the 4th quarter valued at $1,712,000. Cubist Systematic Strategies LLC acquired a new position in CPB in the 4th quarter worth $1,420,000. Finally, GAMMA Investing LLC raised its stake in shares of CPB by 3,028.2% in the 1st quarter. GAMMA Investing LLC now owns 44,264 shares of the financial services provider's stock valued at $1,197,000 after purchasing an additional 42,849 shares in the last quarter. 88.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

CPB Stock Up 0.4%

CPF stock traded up $0.13 during midday trading on Friday, reaching $31.36. The company had a trading volume of 9,475 shares, compared to its average volume of 172,880. The company has a 50 day moving average of $28.35 and a two-hundred day moving average of $27.35. CPB Inc. has a 1 year low of $23.16 and a 1 year high of $33.25. The company has a market capitalization of $846.09 million, a P/E ratio of 14.06 and a beta of 1.07. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29.

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

CPB Announces Dividend

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

Insider Activity

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 company'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 sale, the director directly owned 19,711 shares in the company, valued at $518,596.41. This trade represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,764 shares of company stock valued at $352,919 in the last 90 days. Corporate 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.