Russell Investments Group Ltd. Raises Holdings in CPB Inc. $CPF

Russell Investments Group Ltd. lifted its holdings in shares of CPB Inc. (NYSE:CPF) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,148 shares of the financial services provider’s stock after purchasing an additional 2,887 shares during the period. Russell Investments Group Ltd. owned about 0.22% of CPB worth $1,599,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jane Street Group LLC grew its stake in CPB by 48.7% in the 4th quarter. Jane Street Group LLC now owns 60,153 shares of the financial services provider’s stock worth $1,747,000 after acquiring an additional 19,690 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in CPB by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider’s stock worth $594,000 after acquiring an additional 2,468 shares during the period. Deutsche Bank AG grew its stake in CPB by 389.7% in the 1st quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider’s stock worth $3,569,000 after acquiring an additional 105,051 shares during the period. Nuveen Asset Management LLC grew its stake in CPB by 3.3% in the 4th quarter. Nuveen Asset Management LLC now owns 421,317 shares of the financial services provider’s stock worth $12,239,000 after acquiring an additional 13,406 shares during the period. Finally, Northern Trust Corp grew its stake in CPB by 4.5% in the 4th quarter. Northern Trust Corp now owns 352,982 shares of the financial services provider’s stock worth $10,254,000 after acquiring an additional 15,243 shares during the period. 88.42% of the stock is owned by hedge funds and other institutional investors.

CPB Stock Up 0.4%

Shares of CPF opened at $31.51 on Thursday. The firm has a market cap of $850.00 million, a PE ratio of 14.13 and a beta of 1.07. The company’s fifty day moving average is $28.24 and its two-hundred day moving average is $27.34. CPB Inc. has a fifty-two week low of $23.16 and a fifty-two week high of $33.25. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.29.

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

CPB Dividend Announcement

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 issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.4%. CPB’s dividend payout ratio (DPR) is presently 48.43%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler began coverage on shares of CPB in a research note on Thursday, August 21st. They issued an “overweight” rating and a $35.00 target price for the company. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $35.00.

Insiders Place Their Bets

In related news, Director Paul K. Yonamine sold 2,765 shares of CPB stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $26.31, for a total transaction of $72,747.15. Following the transaction, the director owned 19,711 shares in the company, valued at approximately $518,596.41. The trade was a 12.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $27.87, for a total transaction of $92,890.71. Following the transaction, the director owned 65,459 shares in the company, valued at $1,824,342.33. The trade was a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,764 shares of company stock worth $352,919. 2.40% of the stock is owned by company insiders.

About CPB

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.