CPB Inc. $CPF Shares Sold by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC reduced its stake in CPB Inc. by 18.3%, owning 39,952 shares worth $1,080,000 after selling 8,944 shares.
• Several hedge funds, including Charles Schwab Investment Management and LSV Asset Management, increased their holdings in CPB, indicating heightened institutional interest.
• CPB announced a quarterly dividend of $0.27 per share, with an annualized yield of 3.5%, set to be paid on September 15th.

Cubist Systematic Strategies LLC lowered its stake in CPB Inc. (NYSE:CPF - Free Report) by 18.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,952 shares of the financial services provider's stock after selling 8,944 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.15% of CPB worth $1,080,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Quantbot Technologies LP lifted its position in shares of CPB by 114.1% in the first quarter. Quantbot Technologies LP now owns 4,027 shares of the financial services provider's stock valued at $109,000 after acquiring an additional 2,146 shares in the last quarter. CWM LLC raised its stake in CPB by 17.5% in the 1st quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 639 shares during the last quarter. ProShare Advisors LLC purchased a new position in CPB in the 4th quarter valued at about $234,000. Royal Bank of Canada lifted its holdings in CPB by 15.8% in the 1st quarter. Royal Bank of Canada now owns 9,131 shares of the financial services provider's stock valued at $247,000 after purchasing an additional 1,245 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of CPB by 18.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,331 shares of the financial services provider's stock worth $301,000 after purchasing an additional 1,589 shares during the last quarter. Hedge funds and other institutional investors own 88.42% of the company's stock.

Insider Activity at CPB

In other news, Director Paul Kosasa sold 923 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $28.62, for a total value of $26,416.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Agnes Catherine Ngo sold 3,333 shares of the firm's 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 sale, the director owned 65,459 shares in the company, valued at approximately $1,824,342.33. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,922 shares of company stock worth $318,820 in the last 90 days. 2.40% of the stock is currently owned by insiders.

CPB Trading Down 1.3%

Shares of NYSE CPF traded down $0.39 on Friday, reaching $30.53. 114,020 shares of the company traded hands, compared to its average volume of 155,619. The stock has a market capitalization of $823.70 million, a PE ratio of 13.69 and a beta of 1.11. CPB Inc. has a fifty-two week low of $23.16 and a fifty-two week high of $33.25. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average of $29.00 and a 200 day moving average of $27.48.

CPB (NYSE:CPF - Get Free Report) last released 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 firm had revenue of $72.81 million for the quarter, compared to analyst estimates of $71.80 million. CPB had a return on equity of 12.80% and a net margin of 17.31%.During the same quarter in the previous year, the company earned $0.58 earnings per share. On average, equities research analysts forecast that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Announces Dividend

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

Analysts Set New Price Targets

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

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.