Panagora Asset Management Inc. Sells 1,269 Shares of CPB Inc. $CPF

Panagora Asset Management Inc. lowered its holdings in shares of CPB Inc. (NYSE:CPF) by 0.9% during the 1st quarter, HoldingsChannel reports. The fund owned 143,802 shares of the financial services provider’s stock after selling 1,269 shares during the period. Panagora Asset Management Inc.’s holdings in CPB were worth $3,888,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Trexquant Investment LP boosted its stake in CPB by 22.4% during the first quarter. Trexquant Investment LP now owns 97,771 shares of the financial services provider’s stock worth $2,644,000 after acquiring an additional 17,919 shares in the last quarter. AlphaQuest LLC lifted its stake in shares of CPB by 39.4% in the first quarter. AlphaQuest LLC now owns 23,267 shares of the financial services provider’s stock worth $629,000 after buying an additional 6,582 shares in the last quarter. Martingale Asset Management L P lifted its stake in shares of CPB by 1.9% in the first quarter. Martingale Asset Management L P now owns 87,175 shares of the financial services provider’s stock worth $2,357,000 after buying an additional 1,601 shares in the last quarter. Quantbot Technologies LP lifted its stake in shares of CPB by 114.1% in the first quarter. Quantbot Technologies LP now owns 4,027 shares of the financial services provider’s stock worth $109,000 after buying an additional 2,146 shares in the last quarter. Finally, Versor Investments LP bought a new position in shares of CPB in the first quarter worth approximately $349,000. Institutional investors own 88.42% of the company’s stock.

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 on the stock. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $35.00.

Insider Activity at CPB

In related 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction that occurred 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 approximately $1,824,342.33. This trade represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,687 shares of company stock worth $379,335 over the last quarter. Company insiders own 2.40% of the company’s stock.

CPB Trading Down 0.6%

Shares of NYSE CPF opened at $31.31 on Tuesday. The company has a market cap of $844.77 million, a PE ratio of 14.04 and a beta of 1.11. The firm’s 50 day moving average price is $28.54 and its 200-day moving average price is $27.34. CPB Inc. has a 52-week low of $23.16 and a 52-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 issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate 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 company earned $0.58 EPS. On average, equities research analysts expect that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, August 29th. This represents a $1.08 dividend on an annualized basis and a yield of 3.4%. CPB’s dividend payout ratio is 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.