Hotchkis & Wiley Capital Management LLC Cuts Stake in CPB Inc. $CPF

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in CPB Inc. by 11.2%, selling 42,080 shares and now holding 333,790 shares worth approximately $9 million.
• Analysts at Piper Sandler initiated coverage on CPB with an "overweight" rating and a price target of $35.00, indicating a positive outlook for the stock.
• CPB Inc. announced a quarterly dividend of $0.27, resulting in an annualized dividend yield of 3.5%, with a payout ratio of 48.43%.

Hotchkis & Wiley Capital Management LLC reduced its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 11.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 333,790 shares of the financial services provider's stock after selling 42,080 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.24% of CPB worth $9,026,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP grew its holdings in shares of CPB by 114.1% during the first quarter. Quantbot Technologies LP now owns 4,027 shares of the financial services provider's stock valued at $109,000 after buying an additional 2,146 shares during the last quarter. CWM LLC lifted its position 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 acquiring an additional 639 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in CPB by 663.3% during the 4th quarter. Aquatic Capital Management LLC now owns 7,633 shares of the financial services provider's stock valued at $222,000 after purchasing an additional 6,633 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of CPB in the 4th quarter worth $234,000. Finally, Price T Rowe Associates Inc. MD raised its stake 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 purchasing an additional 1,589 shares during the last quarter. Institutional investors own 88.42% of the company's stock.

Analyst Ratings Changes

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

CPB Stock Performance

CPF stock opened at $30.7240 on Monday. The company has a market cap of $828.93 million, a P/E ratio of 13.78 and a beta of 1.07. CPB Inc. has a 1 year low of $23.16 and a 1 year high of $33.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. The stock's fifty day moving average price is $27.92 and its 200-day moving average price is $27.27.

CPB (NYSE:CPF - Get Free Report) last posted 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 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 last year, the company posted $0.58 EPS. On average, equities analysts forecast that CPB Inc. will post 2.75 earnings per share for the current year.

CPB Announces Dividend

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

Insider Activity at CPB

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 transaction of $92,890.71. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 value of $72,747.15. Following the completion of the sale, the director owned 19,711 shares of the company's stock, 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 have sold 12,764 shares of company stock valued at $352,919 over the last 90 days. 2.40% of the stock is currently owned by company insiders.

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.

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