CPB Inc. (NYSE:CPF) Earns Hold Rating from Piper Jaffray Companies
CPB Inc. (NYSE:CPF)‘s stock had its “hold” rating reaffirmed by equities research analysts at Piper Jaffray Companies in a research note issued on Friday. They currently have a $32.50 price objective on the financial services provider’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 5.14% from the stock’s previous close.
Several other research firms have also commented on CPF. Zacks Investment Research lowered CPB from a “buy” rating to a “hold” rating in a report on Monday, July 3rd. BidaskClub lowered CPB from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $30.38.
Shares of CPB (CPF) traded down 1.53% during mid-day trading on Friday, reaching $30.91. The company’s stock had a trading volume of 120,912 shares. The company’s 50-day moving average is $31.08 and its 200-day moving average is $31.02. The stock has a market capitalization of $946.93 million, a price-to-earnings ratio of 19.69 and a beta of 1.16. CPB has a 52 week low of $23.48 and a 52 week high of $33.55.
CPB (NYSE:CPF) last posted its earnings results on Wednesday, April 26th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $51.27 million for the quarter, compared to analyst estimates of $51.10 million. CPB had a return on equity of 9.52% and a net margin of 22.58%. During the same quarter in the prior year, the company posted $0.35 earnings per share. Equities analysts predict that CPB will post $1.64 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.33%. The ex-dividend date was Friday, May 26th. This is an increase from CPB’s previous quarterly dividend of $0.16. CPB’s dividend payout ratio is currently 45.86%.
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In related news, Director Earl E. Fry acquired 1,730 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was bought at an average price of $32.08 per share, for a total transaction of $55,498.40. Following the completion of the purchase, the director now directly owns 251 shares of the company’s stock, valued at approximately $8,052.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,500 shares of company stock valued at $47,235 in the last 90 days. 4.10% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue increased its position in CPB by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 3,400 shares of the financial services provider’s stock valued at $103,000 after buying an additional 50 shares in the last quarter. Teacher Retirement System of Texas increased its position in CPB by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 4,388 shares of the financial services provider’s stock valued at $104,000 after buying an additional 540 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in CPB during the first quarter valued at about $139,000. Mason Street Advisors LLC bought a new position in CPB during the second quarter valued at about $143,000. Finally, Municipal Employees Retirement System of Michigan increased its position in CPB by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,890 shares of the financial services provider’s stock valued at $174,000 after buying an additional 110 shares in the last quarter. Institutional investors own 92.24% of the company’s stock.
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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