Northern Trust Corp Cuts Stake in CPB Inc. $CPF

Northern Trust Corp cut its stake in shares of CPB Inc. (NYSE:CPF) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 343,477 shares of the financial services provider’s stock after selling 9,505 shares during the quarter. Northern Trust Corp owned about 1.27% of CPB worth $9,288,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Jane Street Group LLC lifted its position in CPB by 48.7% during the fourth quarter. Jane Street Group LLC now owns 60,153 shares of the financial services provider’s stock valued at $1,747,000 after purchasing an additional 19,690 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in CPB by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,056 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 2,468 shares during the period. Deutsche Bank AG lifted its position in CPB by 389.7% during 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. Nuveen Asset Management LLC lifted its position in CPB by 3.3% during the fourth quarter. Nuveen Asset Management LLC now owns 421,317 shares of the financial services provider’s stock valued at $12,239,000 after purchasing an additional 13,406 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of CPB by 3,028.2% in the first quarter. GAMMA Investing LLC now owns 44,264 shares of the financial services provider’s stock worth $1,197,000 after acquiring an additional 42,849 shares during the period. 88.42% of the stock is owned by hedge funds and other institutional investors.

CPB Stock Down 1.0%

CPF opened at $31.14 on Friday. CPB Inc. has a twelve month low of $23.16 and a twelve month 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. The company has a 50-day moving average price of $28.83 and a 200 day moving average price of $27.42. The company has a market cap of $840.05 million, a PE ratio of 13.96 and a beta of 1.11.

CPB (NYSE:CPF) last announced its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.03). CPB had a net margin of 17.31% and a return on equity of 12.80%. The business had revenue of $72.81 million for the quarter, compared to analysts’ expectations of $71.80 million. During the same period in the prior year, the company posted $0.58 EPS. Sell-side analysts expect that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Dividend Announcement

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 issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, August 29th. CPB’s dividend payout ratio is currently 48.43%.

Analysts Set New Price Targets

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

Insider Activity at CPB

In other CPB news, Director Paul Kosasa sold 923 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $28.62, for a total transaction of $26,416.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Agnes Catherine Ngo sold 3,333 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was 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 of the company’s stock, valued at approximately $1,824,342.33. The trade was a 4.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,922 shares of company stock worth $306,588. Company insiders own 2.40% of the company’s stock.

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.