CPB Inc. $CPF Shares Sold by Northern Trust Corp

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

Several other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of CPB by 0.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,004,487 shares of the financial services provider's stock worth $27,161,000 after buying an additional 5,648 shares during the period. LSV Asset Management boosted its position in shares of CPB by 10.1% during the first quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock worth $19,870,000 after buying an additional 67,300 shares during the period. American Century Companies Inc. boosted its position in shares of CPB by 7.5% during the first quarter. American Century Companies Inc. now owns 708,931 shares of the financial services provider's stock worth $19,169,000 after buying an additional 49,449 shares during the period. Allianz Asset Management GmbH boosted its position in shares of CPB by 6.5% during the first quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider's stock worth $15,249,000 after buying an additional 34,528 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in shares of CPB by 3.3% during the fourth quarter. Nuveen Asset Management LLC now owns 421,317 shares of the financial services provider's stock worth $12,239,000 after buying an additional 13,406 shares during the period. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

CPB Stock Down 0.7%

NYSE:CPF traded down $0.23 during midday trading on Monday, reaching $30.93. The company had a trading volume of 143,042 shares, compared to its average volume of 159,792. CPB Inc. has a 12-month low of $23.16 and a 12-month 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 firm has a market capitalization of $834.60 million, a price-to-earnings ratio of 13.87 and a beta of 1.11. The stock's fifty day simple moving average is $28.89 and its 200-day simple moving average is $27.41.

CPB (NYSE:CPF - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $71.80 million. During the same quarter in the prior year, the business earned $0.58 earnings per share. On average, sell-side analysts anticipate that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.27 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.08 dividend on an annualized basis and a yield of 3.5%. CPB's dividend payout ratio (DPR) is currently 48.43%.

Insiders Place Their Bets

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total value of $92,890.71. Following the sale, the director directly owned 65,459 shares in the company, valued at $1,824,342.33. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Kosasa sold 923 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $28.62, for a total value of $26,416.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,922 shares of company stock worth $306,588. 2.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.