Rafferty Asset Management LLC Has $775,000 Stake in CPB Inc. $CPF

Rafferty Asset Management LLC trimmed its holdings in CPB Inc. (NYSE:CPF) by 36.5% in the first quarter, Holdings Channel reports. The institutional investor owned 28,643 shares of the financial services provider’s stock after selling 16,493 shares during the period. Rafferty Asset Management LLC’s holdings in CPB were worth $775,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in shares of 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 in the last quarter. LSV Asset Management raised its position in shares of 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 buying an additional 67,300 shares in the last quarter. American Century Companies Inc. raised its position in shares of 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 buying an additional 49,449 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of CPB by 6.5% in the first quarter. Allianz Asset Management GmbH now owns 563,951 shares of the financial services provider’s stock valued at $15,249,000 after buying an additional 34,528 shares in the last quarter. Finally, Nuveen Asset Management LLC raised 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 in the last quarter. 88.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Piper Sandler started coverage on shares of CPB in a research report on Thursday, August 21st. They set an “overweight” rating and a $35.00 price objective for the company. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $35.00.

CPB Stock Down 0.6%

Shares of CPF opened at $31.31 on Tuesday. CPB Inc. has a one year low of $23.16 and a one year high of $33.25. The company has a market cap of $844.77 million, a P/E ratio of 14.04 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $28.54 and a two-hundred day simple moving average of $27.34.

CPB (NYSE:CPF) last announced its quarterly earnings data on Friday, July 25th. The financial services provider reported $0.67 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 firm had revenue of $72.81 million for the quarter, compared to analyst estimates of $71.80 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Research analysts forecast that CPB Inc. will post 2.75 EPS for the current fiscal year.

CPB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, August 29th. This represents a $1.08 annualized dividend and a dividend yield of 3.4%. CPB’s dividend payout ratio is 48.43%.

Insider Transactions at CPB

In other news, Director Paul Kosasa sold 923 shares of the company’s stock in a transaction 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul K. Yonamine sold 2,765 shares of the company’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $26.31, for a total transaction of $72,747.15. Following the transaction, the director owned 19,711 shares of the company’s stock, valued at $518,596.41. This trade represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,687 shares of company stock worth $379,335. Corporate insiders own 2.40% of the company’s stock.

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.