Teacher Retirement System of Texas Cuts Position in CPB Inc. (NYSE:CPF)

Teacher Retirement System of Texas reduced its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 41.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,687 shares of the financial services provider's stock after selling 26,650 shares during the period. Teacher Retirement System of Texas owned 0.14% of CPB worth $1,019,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Jane Street Group LLC boosted its stake 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 purchasing an additional 19,690 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of CPB by 12.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider's stock worth $594,000 after purchasing an additional 2,468 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of CPB by 3.3% during the 4th quarter. Nuveen Asset Management LLC now owns 421,317 shares of the financial services provider's stock worth $12,239,000 after purchasing an additional 13,406 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of CPB during the 4th quarter worth about $1,712,000. Finally, Northern Trust Corp boosted its stake in shares of CPB by 4.5% during the 4th quarter. Northern Trust Corp now owns 352,982 shares of the financial services provider's stock worth $10,254,000 after purchasing an additional 15,243 shares during the last quarter. 88.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $27.71, for a total transaction of $92,357.43. Following the transaction, the director directly owned 72,922 shares in the company, valued at $2,020,668.62. This represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul K. Yonamine sold 2,765 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the transaction, the director owned 19,711 shares in the company, valued at approximately $518,596.41. The trade was a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,764 shares of company stock worth $352,386. Insiders own 2.40% of the company's stock.

CPB Trading Up 1.7%

Shares of CPB stock traded up $0.48 during mid-day trading on Thursday, hitting $28.95. 166,803 shares of the stock were exchanged, compared to its average volume of 205,000. The stock has a market capitalization of $781.04 million, a price-to-earnings ratio of 13.53 and a beta of 1.04. CPB Inc. has a twelve month low of $23.16 and a twelve month high of $33.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.24. The company has a 50-day simple moving average of $27.46 and a 200 day simple moving average of $27.40.

CPB (NYSE:CPF - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $68.80 million for the quarter, compared to analyst estimates of $68.93 million. CPB had a net margin of 16.76% and a return on equity of 12.65%. During the same period in the prior year, the firm posted $0.48 EPS. Research analysts forecast that CPB Inc. will post 2.75 EPS for the current year.

CPB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.08 annualized dividend and a dividend yield of 3.73%. CPB's payout ratio is currently 50.47%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of CPB from a "sell" rating to a "hold" rating in a research note on Thursday, March 20th.

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.