Piper Sandler Initiates Coverage on CPB (NYSE:CPF)

Key Points

• Piper Sandler has reiterated an overweight rating for Central Pacific Financial Corp. (CPB) with a price objective of $35.00, indicating a potential upside of 22.29% from the stock's previous close.
• Central Pacific Financial reported Q2 earnings of $0.67 per share, missing expectations, but had revenue of $72.81 million, surpassing consensus estimates.
• Insider selling was noted as two directors sold a combined total of 6,098 shares in recent transactions, reflecting decreases in their ownership percentages.

Investment analysts at Piper Sandler assumed coverage on shares of CPB (NYSE:CPF - Get Free Report) in a note issued to investors on Thursday, MarketBeat reports. The firm set an "overweight" rating and a $35.00 price target on the financial services provider's stock. Piper Sandler's price target indicates a potential upside of 11.75% from the company's current price.

CPB Price Performance

NYSE CPF traded up $0.37 during trading on Thursday, reaching $31.32. 36,142 shares of the company traded hands, compared to its average volume of 173,419. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85. The stock's 50 day moving average price is $28.01 and its two-hundred day moving average price is $27.28. The company has a market cap of $845.01 million, a price-to-earnings ratio of 14.04 and a beta of 1.07. CPB has a 1-year low of $23.16 and a 1-year high of $33.25.

CPB (NYSE:CPF - Get Free Report) last announced its earnings results on Friday, July 25th. The financial services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.03). The business had revenue of $72.81 million during 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 previous year, the firm earned $0.58 earnings per share. As a group, analysts anticipate that CPB will post 2.75 EPS for the current year.

Insider Activity at CPB

In other news, Director Paul K. Yonamine sold 2,765 shares of the business'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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Agnes Catherine Ngo sold 3,333 shares of the business'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 value of $92,890.71. Following the completion of the transaction, the director directly owned 65,459 shares in the company, valued at $1,824,342.33. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,764 shares of company stock worth $352,919 over the last three months. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Thrivent Financial for Lutherans lifted its holdings in CPB by 335.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 86,523 shares of the financial services provider's stock worth $2,426,000 after buying an additional 66,642 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in CPB by 7.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 92,134 shares of the financial services provider's stock worth $2,583,000 after buying an additional 6,335 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in CPB by 369.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,065 shares of the financial services provider's stock worth $114,000 after buying an additional 3,199 shares in the last quarter. HoldCo Asset Management LP acquired a new position in CPB during the 2nd quarter worth $30,767,000. Finally, Engineers Gate Manager LP lifted its holdings in CPB by 85.3% during the 2nd quarter. Engineers Gate Manager LP now owns 25,044 shares of the financial services provider's stock worth $702,000 after buying an additional 11,526 shares in the last quarter. 88.42% of the stock is owned by institutional investors and hedge funds.

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.