Zacks Investment Research Lowers CPB Inc. (CPF) to Sell
Zacks Investment Research cut shares of CPB Inc. (NYSE:CPF) from a hold rating to a sell rating in a report published on Friday, August 4th.
According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “
A number of other research analysts have also issued reports on CPF. BidaskClub lowered shares of CPB from a hold rating to a sell rating in a research note on Wednesday, July 12th. Piper Jaffray Companies restated a hold rating and set a $32.50 price target on shares of CPB in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. CPB has a consensus rating of Hold and a consensus target price of $31.83.
Shares of CPB (CPF) traded up 0.62% during midday trading on Friday, hitting $29.11. 99,432 shares of the company traded hands. The company has a 50-day moving average price of $30.81 and a 200-day moving average price of $30.98. The stock has a market capitalization of $886.08 million, a P/E ratio of 18.54 and a beta of 1.15. CPB has a 52 week low of $24.46 and a 52 week high of $33.55.
CPB (NYSE:CPF) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.01. CPB had a net margin of 22.59% and a return on equity of 9.52%. The company had revenue of $49.50 million for the quarter, compared to analyst estimates of $51.40 million. During the same quarter in the previous year, the company posted $0.39 EPS. Analysts anticipate that CPB will post $1.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.18 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. CPB’s payout ratio is currently 45.86%.
In other CPB news, Director Earl E. Fry acquired 1,730 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were purchased at an average price of $32.08 per share, for a total transaction of $55,498.40. Following the completion of the purchase, the director now directly owns 251 shares of the company’s stock, valued at $8,052.08. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul K. Yonamine acquired 1,400 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $30.98 per share, for a total transaction of $43,372.00. Following the purchase, the director now directly owns 1,400 shares of the company’s stock, valued at $43,372. The disclosure for this purchase can be found here. 4.10% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in CPB by 11.4% in the first quarter. Bank of America Corp DE now owns 226,798 shares of the financial services provider’s stock worth $6,927,000 after buying an additional 23,285 shares during the last quarter. Boston Partners raised its stake in CPB by 2.2% in the first quarter. Boston Partners now owns 561,935 shares of the financial services provider’s stock worth $17,161,000 after buying an additional 12,100 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in CPB by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,453,155 shares of the financial services provider’s stock valued at $44,380,000 after buying an additional 15,493 shares in the last quarter. BlackRock Inc. raised its stake in CPB by 12,207.6% in the first quarter. BlackRock Inc. now owns 5,098,913 shares of the financial services provider’s stock valued at $155,721,000 after buying an additional 5,057,484 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in CPB by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 1,180,023 shares of the financial services provider’s stock valued at $36,038,000 after buying an additional 34,401 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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