Invesco Ltd. Sells 13,020 Shares of CPB Inc. $CPF

Key Points

• Invesco Ltd. reduced its stake in CPB Inc. by 5.8%, selling 13,020 shares and now holds 212,415 shares valued at approximately $5.74 million.
• CPB recently announced a quarterly dividend of $0.27 per share, equating to an annualized yield of 3.4%, with a payout ratio of 48.43%.
• Analysts have a consensus rating of "Buy" for CPB, with Piper Sandler setting a price objective of $35.00 for the stock.

Invesco Ltd. cut its stake in CPB Inc. (NYSE:CPF - Free Report) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 212,415 shares of the financial services provider's stock after selling 13,020 shares during the quarter. Invesco Ltd. owned approximately 0.79% of CPB worth $5,744,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Jane Street Group LLC raised its holdings in CPB by 48.7% in 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 stake in shares of CPB by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider's stock worth $594,000 after purchasing an additional 2,468 shares during the period. 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 purchasing an additional 105,051 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in CPB by 3.3% in the 4th 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. Finally, Northern Trust Corp increased its position in CPB by 4.5% during the 4th quarter. Northern Trust Corp now owns 352,982 shares of the financial services provider's stock worth $10,254,000 after buying an additional 15,243 shares during the period. Institutional investors own 88.42% of the company's stock.

Wall Street Analyst Weigh In

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

CPB Price Performance

Shares of CPF traded down $0.11 during midday trading on Tuesday, hitting $31.22. The company's stock had a trading volume of 6,211 shares, compared to its average volume of 172,673. 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 Inc. has a one year low of $23.16 and a one year high of $33.25. The stock has a market capitalization of $842.18 million, a price-to-earnings ratio of 14.00 and a beta of 1.11. The company's fifty day simple moving average is $28.54 and its two-hundred day simple moving average is $27.34.

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

CPB Dividend Announcement

The business also recently disclosed 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 is Friday, August 29th. CPB's dividend payout ratio is currently 48.43%.

Insider Buying and Selling

In related news, Director Paul Kosasa sold 923 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were 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 company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total transaction of $92,890.71. Following the transaction, the director owned 65,459 shares of the company's stock, valued at $1,824,342.33. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,687 shares of company stock worth $379,335 in the last three months. 2.40% of the stock is owned by corporate insiders.

About CPB

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.