Nuveen LLC Takes $11.38 Million Position in CPB Inc. $CPF

Nuveen LLC bought a new stake in CPB Inc. (NYSE:CPF) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 420,948 shares of the financial services provider’s stock, valued at approximately $11,382,000. Nuveen LLC owned 1.56% of CPB at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Deutsche Bank AG increased its holdings in shares of CPB by 389.7% in the first quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider’s stock valued at $3,569,000 after purchasing an additional 105,051 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of CPB by 0.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,004,487 shares of the financial services provider’s stock valued at $27,161,000 after buying an additional 5,648 shares in the last quarter. LSV Asset Management boosted its stake in shares of CPB by 10.1% in the first quarter. LSV Asset Management now owns 734,830 shares of the financial services provider’s stock valued at $19,870,000 after buying an additional 67,300 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of CPB by 25.5% in the first quarter. Mackenzie Financial Corp now owns 24,071 shares of the financial services provider’s stock valued at $651,000 after buying an additional 4,894 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of CPB by 6.5% in the first quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider’s stock valued at $15,249,000 after buying an additional 34,528 shares in the last quarter. Institutional investors and hedge funds own 88.42% of the company’s stock.

CPB Stock Up 4.5%

CPF opened at $30.7240 on Friday. The business’s fifty day moving average is $27.92 and its two-hundred day moving average is $27.32. 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 company has a market cap of $828.93 million, a price-to-earnings ratio of 13.78 and a beta of 1.07. CPB Inc. has a one year low of $23.16 and a one year high of $33.25.

CPB (NYSE:CPF) last posted its earnings results on Friday, July 25th. The financial services provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03). The firm had revenue of $72.81 million for the quarter, compared to analysts’ expectations of $71.80 million. CPB had a return on equity of 12.80% and a net margin of 17.31%.During the same quarter in the previous year, the firm posted $0.58 earnings per share. Analysts anticipate that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.5%. CPB’s dividend payout ratio is currently 48.43%.

Insider Buying and Selling at CPB

In other news, Director Agnes Catherine Ngo sold 3,333 shares of the company’s stock in a transaction 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 sale, the director directly owned 65,459 shares in the company, valued at $1,824,342.33. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $26.31, for a total value of $72,747.15. Following the completion of the sale, the director owned 19,711 shares in the company, valued at $518,596.41. This represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,764 shares of company stock worth $352,919 over the last 90 days. Company insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler began coverage on CPB in a research note on Thursday. They issued an “overweight” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $35.00.

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.