Nuveen LLC Purchases Shares of 420,948 CPB Inc. $CPF

Key Points

• Nuveen LLC has taken an $11.38 million position in CPB Inc., acquiring 420,948 shares, representing 1.56% of the company's stock.
• CPB Inc. announced a quarterly dividend of $0.27 per share, which is scheduled to be paid on September 15, reflecting a 3.5% dividend yield.
• Piper Sandler initiated coverage on CPB with an "overweight" rating and set a price target of $35.00 for the stock, indicating positive sentiment among analysts.

Nuveen LLC acquired a new position in shares of CPB Inc. (NYSE:CPF - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 420,948 shares of the financial services provider's stock, valued at approximately $11,382,000. Nuveen LLC owned 1.56% of CPB at the end of the most recent quarter.

Several other large investors have also modified their holdings of CPF. Charles Schwab Investment Management Inc. boosted its holdings in CPB by 0.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,004,487 shares of the financial services provider's stock valued at $27,161,000 after purchasing an additional 5,648 shares during the period. LSV Asset Management boosted its holdings in CPB by 10.1% in the 1st quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock valued at $19,870,000 after purchasing an additional 67,300 shares during the period. Allianz Asset Management GmbH boosted its holdings in CPB by 6.5% in the 1st quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider's stock valued at $15,249,000 after purchasing an additional 34,528 shares during the period. Basswood Capital Management L.L.C. boosted its holdings in CPB by 0.8% in the 4th quarter. Basswood Capital Management L.L.C. now owns 527,794 shares of the financial services provider's stock valued at $15,332,000 after purchasing an additional 4,065 shares during the period. Finally, Nuveen Asset Management LLC boosted 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 purchasing an additional 13,406 shares during the period. 88.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler assumed coverage on shares of CPB in a report on Thursday, August 21st. They issued 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 MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $35.00.

Insider Activity

In other CPB news, Director Paul K. Yonamine sold 2,765 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $26.31, for a total value of $72,747.15. Following the transaction, the director directly owned 19,711 shares in the company, valued at $518,596.41. The trade was a 12.30% 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 Agnes Catherine Ngo sold 3,333 shares of the business's stock in a transaction dated 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 transaction, the director owned 65,459 shares in the company, valued at approximately $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 have sold a total of 12,764 shares of company stock valued at $352,919 over the last three months. 2.40% of the stock is currently owned by insiders.

CPB Price Performance

Shares of NYSE:CPF traded up $0.06 during midday trading on Thursday, reaching $31.56. 145,943 shares of the company's stock were exchanged, compared to its average volume of 163,297. The company's 50 day simple moving average is $28.35 and its two-hundred day simple moving average is $27.35. The firm has a market capitalization of $851.57 million, a PE ratio of 14.15 and a beta of 1.07. CPB Inc. has a 12 month low of $23.16 and a 12 month high of $33.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85.

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 business had revenue of $72.81 million for the quarter, compared to the consensus estimate of $71.80 million. CPB had a return on equity of 12.80% and a net margin of 17.31%.During the same period in the previous year, the business posted $0.58 earnings per share. Equities research analysts expect that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, August 29th. CPB's dividend payout ratio (DPR) is presently 48.43%.

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.