CPB (NYSE:CPF) Share Price Breaks Above 200 Day Moving Average - What's Next?

Key Points

• CPB shares rose above their 200-day moving average of $36.44, reaching as high as $36.59 before closing near $36.24.
• Analyst sentiment is moderately bullish: three analysts rate the stock Buy and three Hold, producing a consensus “Moderate Buy” rating and a $39.00 price target.
• CPB beat quarterly earnings expectations with $0.80 EPS and $77.45 million in revenue, while increasing its quarterly dividend to $0.30, or $1.20 annually, for a 3.3% yield.

CPB Inc. (NYSE:CPF - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $36.44 and traded as high as $36.59. CPB shares last traded at $36.2370, with a volume of 150,938 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently commented on CPF. Hovde Group started coverage on CPB in a report on Friday, October 2nd. They issued a "market perform" rating and a $38.00 price objective for the company. Zacks Research lowered CPB from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 26th. Benchmark initiated coverage on shares of CPB in a research note on Thursday, July 9th. They set a "buy" rating and a $44.00 target price on the stock. Finally, Weiss Ratings cut shares of CPB from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

CPB Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $933.10 million, a P/E ratio of 11.61 and a beta of 0.87. The business's 50-day simple moving average is $37.15 and its 200 day simple moving average is $36.44.

CPB (NYSE:CPF - Get Free Report) last announced its earnings results on Friday, July 24th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. The business had revenue of $77.45 million during the quarter, compared to analyst estimates of $75.69 million. CPB had a net margin of 22.52% and a return on equity of 14.20%. During the same period in the previous year, the business earned $0.67 EPS. As a group, equities analysts predict that CPB Inc. will post 3.32 earnings per share for the current year.

CPB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 31st. This is an increase from CPB's previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. CPB's dividend payout ratio is presently 38.46%.

Institutional Trading of CPB

A number of hedge funds have recently bought and sold shares of CPF. Globeflex Capital L P purchased a new stake in shares of CPB during the 2nd quarter valued at about $900,000. Bank of New York Mellon Corp bought a new position in shares of CPB in the 2nd quarter worth approximately $11,926,000. Hennion & Walsh Asset Management Inc. lifted its stake in shares of CPB by 94.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 27,727 shares of the financial services provider's stock worth $1,059,000 after purchasing an additional 13,499 shares during the period. Bank of America Corp DE boosted its holdings in shares of CPB by 27.9% in the first quarter. Bank of America Corp DE now owns 83,791 shares of the financial services provider's stock worth $2,678,000 after buying an additional 18,269 shares during the last quarter. Finally, Amundi purchased a new position in shares of CPB in the first quarter worth approximately $688,000. Hedge funds and other institutional investors own 88.42% of the company's stock.

About CPB

Central Pacific Financial Corp. NYSE: CPF is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, Central Pacific Bank, provides banking and financial services to individuals, businesses and nonprofit organizations, with a primary focus on the Hawaii market.

The company offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer loans and business financing.

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