Allspring Global Investments Holdings LLC Takes Position in CPB Inc. $CPF

Allspring Global Investments Holdings LLC purchased a new stake in CPB Inc. (NYSE:CPF) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 9,873 shares of the financial services provider’s stock, valued at approximately $277,000.

A number of other large investors also recently modified their holdings of CPF. Charles Schwab Investment Management Inc. lifted its holdings in 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 during the period. LSV Asset Management grew its position in 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 purchasing an additional 67,300 shares in the last quarter. American Century Companies Inc. grew its position in CPB by 7.5% in the first quarter. American Century Companies Inc. now owns 708,931 shares of the financial services provider’s stock valued at $19,169,000 after purchasing an additional 49,449 shares in the last quarter. Allianz Asset Management GmbH grew its position in shares of CPB by 6.5% in the 1st quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider’s stock valued at $15,249,000 after acquiring an additional 34,528 shares during the period. Finally, Nuveen LLC bought a new position in shares of CPB in the 1st quarter valued at about $11,382,000. 88.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at CPB

In related news, Director Paul Kosasa sold 923 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $28.62, for a total value of $26,416.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Agnes Catherine Ngo sold 3,333 shares of the business’s stock in a transaction dated 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 approximately $1,855,359.24. This trade represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,589 shares of company stock worth $221,497 in the last ninety days. Insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods started coverage on shares of CPB in a research note on Wednesday, October 8th. They set a “market perform” rating and a $34.00 target price for the company. Piper Sandler initiated coverage on shares of CPB in a report on Thursday, August 21st. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CPB in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.50.

CPB Price Performance

CPF opened at $29.43 on Friday. The firm has a market cap of $793.89 million, a P/E ratio of 13.20 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. The firm has a 50-day moving average of $30.12 and a 200 day moving average of $28.09.

CPB (NYSE:CPF) last announced its quarterly earnings results on Monday, March 10th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter. The firm had revenue of $66.59 million for the quarter. CPB had a net margin of 17.31% and a return on equity of 12.80%. On average, research analysts expect that CPB Inc. will post 2.75 EPS for the current year.

CPB Company 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.