CPB Inc. $CPF Position Increased by Trexquant Investment LP

Key Points

• Trexquant Investment LP increased its stake in CPB Inc. by 22.4% in Q1, owning 97,771 shares worth approximately $2.64 million.
• Director Agnes Catherine Ngo sold 3,333 shares for a total of $92,890.71, reducing her holdings by 4.85%.
• CPB Inc. announced a quarterly dividend of $0.27 per share, expected to be paid on September 15th, with a dividend yield of 3.5%.

Trexquant Investment LP raised its position in shares of CPB Inc. (NYSE:CPF - Free Report) by 22.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 97,771 shares of the financial services provider's stock after acquiring an additional 17,919 shares during the period. Trexquant Investment LP owned approximately 0.36% of CPB worth $2,644,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC grew its position in CPB by 39.4% during the first quarter. AlphaQuest LLC now owns 23,267 shares of the financial services provider's stock valued at $629,000 after acquiring an additional 6,582 shares during the period. Martingale Asset Management L P boosted its position in shares of CPB by 1.9% in the first quarter. Martingale Asset Management L P now owns 87,175 shares of the financial services provider's stock worth $2,357,000 after buying an additional 1,601 shares during the period. Quantbot Technologies LP boosted its position in shares of CPB by 114.1% in the first quarter. Quantbot Technologies LP now owns 4,027 shares of the financial services provider's stock worth $109,000 after buying an additional 2,146 shares during the period. Versor Investments LP purchased a new stake in shares of CPB in the first quarter worth about $349,000. Finally, American Century Companies Inc. boosted its position in shares of CPB by 7.5% in 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. Hedge funds and other institutional investors own 88.42% of the company's stock.

Insider Activity at CPB

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total transaction of $92,890.71. Following the sale, the director owned 65,459 shares in the company, valued at $1,824,342.33. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul Kosasa sold 923 shares of the company's stock in a transaction that occurred 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. Insiders have sold 10,922 shares of company stock worth $306,588 in the last 90 days. 2.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

CPB Stock Down 0.2%

CPF traded down $0.07 on Tuesday, reaching $30.86. The company's stock had a trading volume of 17,855 shares, compared to its average volume of 172,221. The stock has a market cap of $832.63 million, a price-to-earnings ratio of 13.84 and a beta of 1.11. CPB Inc. has a 1 year low of $23.16 and a 1 year high of $33.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. The business's 50 day moving average is $28.89 and its 200 day moving average is $27.41.

CPB (NYSE:CPF - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analysts' expectations 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 company posted $0.58 EPS. As a group, research analysts forecast that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.27 per share. The ex-dividend date is Friday, August 29th. This represents a $1.08 annualized dividend and a yield of 3.5%. CPB's dividend payout ratio 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.