Wellington Management Group LLP Lowers Stock Holdings in CPB Inc. $CPF

Key Points

• Wellington Management Group LLP reduced its stake in CPB Inc. by 24.7%, now owning 316,200 shares valued at approximately $8.55 million.
• CPB announced a quarterly $0.27 dividend with a yield of 3.4%, to be paid on September 15th, after a record date of August 29th.
• An analyst from Piper Sandler set a new target price of $35.00 for CPB, and the stock currently has an average rating of "Buy."

Wellington Management Group LLP trimmed its stake in shares of CPB Inc. (NYSE:CPF - Free Report) by 24.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 316,200 shares of the financial services provider's stock after selling 103,700 shares during the quarter. Wellington Management Group LLP owned about 1.17% of CPB worth $8,550,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CPF. Wells Fargo & Company MN lifted its position in CPB by 29.1% during the 4th quarter. Wells Fargo & Company MN now owns 15,850 shares of the financial services provider's stock worth $460,000 after acquiring an additional 3,574 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of CPB in the 4th quarter valued at approximately $1,712,000. Barclays PLC lifted its holdings in shares of CPB by 11.4% in the 4th quarter. Barclays PLC now owns 65,160 shares of the financial services provider's stock valued at $1,893,000 after buying an additional 6,667 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of CPB by 9.4% in the 4th quarter. MetLife Investment Management LLC now owns 16,676 shares of the financial services provider's stock valued at $484,000 after buying an additional 1,430 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in shares of CPB by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 26,575 shares of the financial services provider's stock valued at $766,000 after buying an additional 940 shares during the period. 88.42% of the stock is owned by institutional investors and hedge funds.

CPB Price Performance

CPF stock traded down $0.19 during midday trading on Friday, hitting $31.31. 144,917 shares of the stock were exchanged, compared to its average volume of 159,265. The stock's 50-day moving average price is $28.45 and its 200-day moving average price is $27.33. The stock has a market cap of $844.77 million, a price-to-earnings ratio of 14.04 and a beta of 1.11. CPB Inc. has a fifty-two week low of $23.16 and a fifty-two week high of $33.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85.

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). The firm had revenue of $72.81 million for the quarter, compared to analyst estimates 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 prior year, the firm posted $0.58 earnings per share. Research analysts predict that CPB Inc. will post 2.75 earnings per share for the current year.

CPB Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.08 annualized dividend and a yield of 3.4%. CPB's dividend payout ratio (DPR) is presently 48.43%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other CPB news, Director Paul Kosasa sold 923 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $28.62, for a total transaction of $26,416.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul K. Yonamine sold 2,765 shares of the firm's 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 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,687 shares of company stock valued at $379,335. Corporate insiders own 2.40% of the company's stock.

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.