Morgan Stanley lowered its stake in CPB Inc. (NYSE:CPF) by 23.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 340,176 shares of the financial services provider’s stock after selling 103,555 shares during the period. Morgan Stanley owned about 1.11% of CPB worth $10,390,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in CPB by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 1,180,023 shares of the financial services provider’s stock worth $36,038,000 after buying an additional 34,401 shares during the period. Boston Partners raised its stake in CPB by 2.2% in the first quarter. Boston Partners now owns 561,935 shares of the financial services provider’s stock worth $17,161,000 after buying an additional 12,100 shares during the period. First Trust Advisors LP raised its stake in CPB by 80.4% in the first quarter. First Trust Advisors LP now owns 62,500 shares of the financial services provider’s stock worth $1,909,000 after buying an additional 27,856 shares during the period. Great West Life Assurance Co. Can raised its stake in CPB by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 42,119 shares of the financial services provider’s stock worth $1,285,000 after buying an additional 3,030 shares during the period. Finally, Adams Diversified Equity Fund Inc. raised its stake in CPB by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 40,900 shares of the financial services provider’s stock worth $1,249,000 after buying an additional 1,100 shares during the period. Institutional investors own 92.36% of the company’s stock.
CPB Inc. (CPF) opened at 30.84 on Friday. The company has a 50-day moving average price of $31.40 and a 200-day moving average price of $31.05. The firm has a market capitalization of $941.05 million, a PE ratio of 19.64 and a beta of 1.15. CPB Inc. has a 12-month low of $24.29 and a 12-month high of $33.55.
CPB (NYSE:CPF) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.01. CPB had a return on equity of 9.52% and a net margin of 22.59%. The business had revenue of $49.50 million for the quarter, compared to analysts’ expectations of $51.40 million. During the same period last year, the business earned $0.39 earnings per share. On average, analysts predict that CPB Inc. will post $1.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.72 annualized dividend and a yield of 2.33%. CPB’s payout ratio is currently 45.86%.
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A number of research firms have recently issued reports on CPF. Zacks Investment Research lowered CPB from a “buy” rating to a “hold” rating in a research report on Monday, July 3rd. Piper Jaffray Companies restated a “hold” rating and issued a $32.50 price target on shares of CPB in a research report on Friday, July 14th. Finally, BidaskClub lowered CPB from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $31.83.
In other news, Director Earl E. Fry bought 1,730 shares of the stock in a transaction on Tuesday, June 13th. The stock was purchased at an average cost of $32.08 per share, with a total value of $55,498.40. Following the purchase, the director now owns 251 shares of the company’s stock, valued at $8,052.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul K. Yonamine bought 1,400 shares of the stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $30.98 per share, with a total value of $43,372.00. Following the completion of the purchase, the director now directly owns 1,400 shares in the company, valued at approximately $43,372. The disclosure for this purchase can be found here. 4.10% of the stock is currently owned by insiders.
CPB Company Profile
Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services.
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