Voya Investment Management LLC Increases Stock Position in CPB Inc. $CPF

Key Points

• Voya Investment Management LLC increased its stake in CPB Inc. by 60.1%, owning a total of 61,876 shares valued at approximately $1.67 million.
• Piper Sandler has initiated coverage on CPB with an "overweight" rating and a target price of $35.00, reflecting a general consensus of a "buy" rating among analysts.
• CPB recently announced a quarterly dividend of $0.27 per share, providing an annualized yield of 3.5% and a payout ratio of 48.43%.

Voya Investment Management LLC raised its holdings in CPB Inc. (NYSE:CPF - Free Report) by 60.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,876 shares of the financial services provider's stock after purchasing an additional 23,238 shares during the quarter. Voya Investment Management LLC owned 0.23% of CPB worth $1,673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Twin Lakes Capital Management LLC boosted its holdings in CPB by 0.3% in the 1st quarter. Twin Lakes Capital Management LLC now owns 185,657 shares of the financial services provider's stock valued at $5,020,000 after purchasing an additional 480 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in CPB by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 36,011 shares of the financial services provider's stock valued at $974,000 after purchasing an additional 482 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CPB by 3.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,179 shares of the financial services provider's stock valued at $441,000 after purchasing an additional 493 shares in the last quarter. CWM LLC boosted its holdings in CPB by 17.5% in the 1st quarter. CWM LLC now owns 4,285 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 639 shares in the last quarter. Finally, CKW Financial Group lifted its position in shares of CPB by 40.9% during the 1st quarter. CKW Financial Group now owns 4,022 shares of the financial services provider's stock valued at $109,000 after acquiring an additional 1,168 shares during the period. Hedge funds and other institutional investors own 88.42% of the company's stock.

Wall Street Analyst Weigh In

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

CPB Price Performance

CPF stock opened at $30.76 on Tuesday. The firm has a 50 day moving average of $29.17 and a 200-day moving average of $27.57. CPB Inc. has a 12-month low of $23.16 and a 12-month high of $33.25. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29. The company has a market cap of $829.90 million, a price-to-earnings ratio of 13.79 and a beta of 1.11.

CPB (NYSE:CPF - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.03). CPB had a return on equity of 12.80% and a net margin of 17.31%.The company had revenue of $72.81 million for the quarter, compared to analyst estimates of $71.80 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. As a group, equities analysts expect that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, August 29th. CPB's payout ratio is currently 48.43%.

Insider Activity at CPB

In related news, Director Paul Kosasa sold 923 shares of CPB stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $28.62, for a total transaction of $26,416.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,922 shares of company stock valued at $318,820 over the last 90 days. Insiders own 2.40% of the company's stock.

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.

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