Royce & Associates LP Sells 9,892 Shares of CPB Inc. (NYSE:CPF)

Key Points

• Royce & Associates LP has reduced its stake in CPB Inc. by 42.0% in the first quarter, owning 13,649 shares after selling 9,892 shares.
• During the same period, significant investors, including JPMorgan Chase & Co. and Vanguard Group Inc., increased their holdings in CPB, indicating strong institutional interest in the stock.
• CPB Inc. recently announced a quarterly dividend of $0.27 per share, marking a yield of 3.96% and a payout ratio of 48.43%.

Royce & Associates LP lowered its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 42.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,649 shares of the financial services provider's stock after selling 9,892 shares during the quarter. Royce & Associates LP owned 0.05% of CPB worth $369,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CPF. Jane Street Group LLC increased its holdings in shares of CPB by 48.7% during the 4th quarter. Jane Street Group LLC now owns 60,153 shares of the financial services provider's stock worth $1,747,000 after acquiring an additional 19,690 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in CPB by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider's stock valued at $594,000 after purchasing an additional 2,468 shares during the period. Nuveen Asset Management LLC lifted its holdings 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of CPB during the fourth quarter worth $1,712,000. Finally, Northern Trust Corp lifted its holdings in shares of CPB by 4.5% during the fourth 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 in the last quarter. Institutional investors own 88.42% of the company's stock.

CPB Stock Performance

Shares of CPF traded down $0.50 during midday trading on Friday, reaching $26.16. 192,193 shares of the stock were exchanged, compared to its average volume of 121,115. CPB Inc. has a twelve month low of $23.16 and a twelve month high of $33.25. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.23. The company has a market cap of $705.69 million, a P/E ratio of 11.73 and a beta of 1.07. The stock's 50 day simple moving average is $27.55 and its 200 day simple moving average is $27.40.

CPB (NYSE:CPF - Get Free Report) last announced 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). The company had revenue of $72.81 million during the quarter, compared to analyst estimates of $71.80 million. CPB had a net margin of 17.31% and a return on equity of 12.80%. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, sell-side analysts expect that CPB Inc. will post 2.75 earnings per share for the current year.

CPB Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 4.1%. CPB's dividend payout ratio is presently 48.43%.

Insider Buying and Selling at CPB

In other CPB news, Director Paul K. Yonamine sold 2,765 shares of CPB stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total value 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. The trade was a 12.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction on Monday, May 12th. The shares were sold at an average price of $27.71, for a total value of $92,357.43. Following the completion of the transaction, the director owned 72,922 shares in the company, valued at approximately $2,020,668.62. The trade was a 4.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,764 shares of company stock valued at $352,386 over the last ninety days. Insiders own 2.40% of the company's stock.

CPB Company 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.