Rafferty Asset Management LLC Sells 16,493 Shares of CPB Inc. $CPF

Key Points

• Rafferty Asset Management LLC reduced its stake in CPB Inc. by 36.5% during the first quarter, holding 28,643 shares worth $775,000 after selling 16,493 shares.
• Multiple hedge funds adjusted their positions in CPB, with AlphaQuest LLC increasing its holdings by 39.4% and American Century Companies Inc. owning 708,931 shares valued at $19.17 million.
• CPB announced a quarterly dividend of $0.27 per share, with an annualized yield of 3.4%, set to be paid to shareholders on September 15th.

Rafferty Asset Management LLC cut its holdings in shares of CPB Inc. (NYSE:CPF - Free Report) by 36.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,643 shares of the financial services provider's stock after selling 16,493 shares during the period. Rafferty Asset Management LLC owned about 0.11% of CPB worth $775,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CPF. SummerHaven Investment Management LLC boosted its holdings in shares of CPB by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 36,011 shares of the financial services provider's stock valued at $974,000 after acquiring an additional 482 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of CPB by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,179 shares of the financial services provider's stock valued at $441,000 after acquiring an additional 493 shares during the last quarter. CWM LLC boosted its stake in CPB by 17.5% in the 1st quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock worth $116,000 after buying an additional 639 shares during the last quarter. Hsbc Holdings PLC boosted its stake in CPB by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 26,575 shares of the financial services provider's stock worth $766,000 after buying an additional 940 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in CPB by 9.4% in the 4th quarter. MetLife Investment Management LLC now owns 16,676 shares of the financial services provider's stock worth $484,000 after buying an additional 1,430 shares during the last quarter. 88.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

CPB Stock Performance

CPB stock traded down $0.05 during trading hours on Wednesday, hitting $30.89. The stock had a trading volume of 189,087 shares, compared to its average volume of 150,998. CPB Inc. has a fifty-two week low of $23.16 and a fifty-two week high of $33.25. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $28.68 and a two-hundred day moving average of $27.39. The company has a market cap of $833.52 million, a PE ratio of 13.85 and a beta of 1.11.

CPB (NYSE:CPF - Get Free Report) last released its earnings results on Friday, July 25th. The financial services provider reported $0.67 EPS 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 firm 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 posted $0.58 earnings per share. On average, equities research analysts anticipate that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, August 29th. CPB's payout ratio is 48.43%.

Insiders Place Their Bets

In related news, Director Paul K. Yonamine sold 2,765 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the completion of the transaction, the director directly owned 19,711 shares of the company's stock, valued at $518,596.41. This trade represents a 12.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction dated 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 $1,824,342.33. This trade represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,687 shares of company stock worth $379,335 over the last three months. Insiders own 2.40% of the company's stock.

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.