12,900 Shares in CPB Inc. $CPF Purchased by Versor Investments LP

Key Points

• Versor Investments LP has acquired 12,900 shares of CPB Inc. valued at approximately $349,000, indicating new interest from institutional investors in the financial services provider.
• CPB recently announced a quarterly dividend of $0.27, representing an annualized payout of $1.08, with a dividend yield of 3.7%.
• Analysts from Piper Sandler have set a new price target of $35.00 for CPB stock, reflecting a positive outlook as the company continues to attract institutional support.

Versor Investments LP bought a new position in shares of CPB Inc. (NYSE:CPF - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,900 shares of the financial services provider's stock, valued at approximately $349,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CPF. Nuveen LLC acquired a new position in CPB in the first quarter valued at about $11,382,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in CPB during the fourth quarter worth about $4,412,000. North Reef Capital Management LP raised its stake in CPB by 264.6% during the fourth quarter. North Reef Capital Management LP now owns 188,558 shares of the financial services provider's stock worth $5,478,000 after acquiring an additional 136,843 shares in the last quarter. Deutsche Bank AG raised its stake in CPB by 389.7% during the first quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider's stock worth $3,569,000 after acquiring an additional 105,051 shares in the last quarter. Finally, LSV Asset Management raised its stake in CPB by 10.1% during the first quarter. LSV Asset Management now owns 734,830 shares of the financial services provider's stock worth $19,870,000 after acquiring an additional 67,300 shares in the last quarter. Institutional investors and hedge funds own 88.42% of the company's stock.

Insiders Place Their Bets

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of the firm'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 completion of the transaction, the director owned 65,459 shares in the company, valued at $1,824,342.33. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul K. Yonamine sold 2,765 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 19,711 shares of the company's stock, valued at $518,596.41. This represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,764 shares of company stock worth $352,919. Corporate insiders own 2.40% of the company's stock.

CPB Stock Performance

CPF traded up $0.13 during trading hours on Wednesday, hitting $31.51. The stock had a trading volume of 157,093 shares, compared to its average volume of 163,687. CPB Inc. has a 1 year low of $23.16 and a 1 year high of $33.25. The company's fifty day simple moving average is $28.24 and its 200 day simple moving average is $27.34. 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 stock has a market cap of $850.00 million, a PE ratio of 14.13 and a beta of 1.07.

CPB (NYSE:CPF - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $72.81 million during 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 company posted $0.58 EPS. Equities analysts anticipate that CPB Inc. will post 2.75 earnings per share for the current year.

CPB Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.4%. CPB's dividend payout ratio is currently 48.43%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler initiated coverage on CPB in a research note on Thursday, August 21st. They issued an "overweight" rating and a $35.00 price objective for the company. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $35.00.

About CPB

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.