Northern Trust Corp Cuts Position in CPB Inc. $CPF

Key Points

• Northern Trust Corp reduced its stake in CPB Inc. by 2.7%, owning 343,477 shares worth approximately $9.29 million after selling 9,505 shares in the first quarter.
• CPB Inc. reported quarterly earnings of $0.67 EPS, missing the consensus estimate of $0.70, with a revenue of $72.81 million that slightly exceeded expectations.
• The company announced a quarterly dividend of $0.27 per share, which represents an annualized dividend yield of 3.5%, scheduled for payment on September 15th.

Northern Trust Corp lowered its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 343,477 shares of the financial services provider's stock after selling 9,505 shares during the quarter. Northern Trust Corp owned 1.27% of CPB worth $9,288,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Versor Investments LP bought a new position in shares of CPB during the 1st quarter worth approximately $349,000. American Century Companies Inc. raised its holdings in shares of CPB by 7.5% in the 1st quarter. American Century Companies Inc. now owns 708,931 shares of the financial services provider's stock worth $19,169,000 after purchasing an additional 49,449 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of CPB by 5.1% in the 1st quarter. Russell Investments Group Ltd. now owns 59,148 shares of the financial services provider's stock worth $1,599,000 after purchasing an additional 2,887 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of CPB by 26.6% in the 1st quarter. Public Sector Pension Investment Board now owns 85,799 shares of the financial services provider's stock worth $2,320,000 after purchasing an additional 18,027 shares during the period. Finally, Nuveen LLC bought a new stake in shares of CPB in the 1st quarter worth approximately $11,382,000. Institutional investors own 88.42% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler began coverage on shares of CPB in a report on Thursday, August 21st. 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, CPB has a consensus rating of "Buy" and an average target price of $35.00.

Insider Buying and Selling at CPB

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the company'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 transaction, the director owned 65,459 shares of the company's stock, valued at approximately $1,824,342.33. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Kosasa sold 923 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $28.62, for a total transaction of $26,416.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,589 shares of company stock worth $216,631. Insiders own 2.40% of the company's stock.

CPB Stock Performance

CPB stock traded down $0.03 during mid-day trading on Thursday, reaching $30.87. The company's stock had a trading volume of 128,575 shares, compared to its average volume of 156,801. CPB Inc. has a 12-month low of $23.16 and a 12-month high of $33.25. The company has a market capitalization of $832.96 million, a P/E ratio of 13.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85. The firm's fifty day moving average price is $28.98 and its two-hundred day moving average price is $27.47.

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 analysts' consensus estimates 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 analysts' expectations of $71.80 million. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Sell-side analysts predict that CPB Inc. will post 2.75 EPS for the current fiscal 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 paid a $0.27 dividend. 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 payout ratio is currently 48.43%.

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.