State of Alaska Department of Revenue Has $448,000 Stock Position in CPB Inc. $CPF

State of Alaska Department of Revenue grew its position in shares of CPB Inc. (NYSE:CPF) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,037 shares of the financial services provider’s stock after acquiring an additional 1,040 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of CPB worth $448,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of CPB in the 1st quarter valued at approximately $11,382,000. Millennium Management LLC boosted its holdings in shares of CPB by 433.6% in the 1st quarter. Millennium Management LLC now owns 293,335 shares of the financial services provider’s stock valued at $7,932,000 after buying an additional 238,367 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of CPB by 389.7% in the 1st quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider’s stock valued at $3,569,000 after buying an additional 105,051 shares during the last quarter. LSV Asset Management boosted its holdings in shares of CPB by 10.1% in the 1st 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 during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of CPB in the 2nd quarter valued at approximately $1,395,000. Institutional investors and hedge funds own 88.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CPF. Piper Sandler began coverage on CPB in a report on Thursday, August 21st. They issued an “overweight” rating and a $35.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CPB in a report on Wednesday. Finally, Keefe, Bruyette & Woods started coverage on shares of CPB in a research report on Wednesday. They set a “market perform” rating and a $34.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, CPB has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

Insider Activity at CPB

In other CPB news, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction on Friday, September 12th. The stock was sold at an average price of $30.66, for a total value of $102,189.78. Following the completion of the transaction, the director directly owned 60,514 shares of the company’s stock, valued at $1,855,359.24. The trade was a 5.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Kosasa sold 923 shares of CPB stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $28.62, for a total value of $26,416.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,922 shares of company stock valued at $318,820. 2.40% of the stock is currently owned by corporate insiders.

CPB Stock Down 0.4%

CPF opened at $29.52 on Friday. The stock has a fifty day moving average of $29.77 and a 200-day moving average of $27.86. The company has a market capitalization of $796.45 million, a P/E ratio of 13.24 and a beta of 1.06. CPB Inc. has a fifty-two week low of $23.16 and a fifty-two week high of $33.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.85 and a current ratio of 0.85.

CPB (NYSE:CPF) last released its quarterly 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). CPB had a return on equity of 12.80% and a net margin of 17.31%.The business had revenue of $72.81 million for the quarter, compared to the consensus estimate of $71.80 million. During the same period in the prior year, the business posted $0.58 earnings per share. On average, equities analysts expect that CPB Inc. will post 2.75 EPS for the current year.

CPB Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Friday, August 29th. CPB’s payout ratio is presently 48.43%.

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.