CPB Inc. (NYSE:CPF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

According to Zacks, “Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank. “

Other research analysts also recently issued research reports about the stock. Piper Jaffray Companies reiterated a “hold” rating and issued a $32.50 price target on shares of CPB in a research note on Friday, July 14th. BidaskClub downgraded shares of CPB from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $31.83.

Shares of CPB (CPF) traded up 1.25% during midday trading on Friday, hitting $30.84. 116,150 shares of the stock traded hands. The company has a market cap of $938.74 million, a price-to-earnings ratio of 19.64 and a beta of 1.15. CPB has a 52-week low of $24.29 and a 52-week high of $33.55. The stock has a 50-day moving average of $31.40 and a 200-day moving average of $31.05.

CPB (NYSE:CPF) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by $0.01. CPB had a return on equity of 9.52% and a net margin of 22.59%. The firm had revenue of $49.50 million during the quarter, compared to analysts’ expectations of $51.40 million. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, equities analysts predict that CPB will post $1.64 earnings per share for the current fiscal year.

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In related news, Director Paul K. Yonamine acquired 1,400 shares of CPB stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $30.98 per share, for a total transaction of $43,372.00. Following the transaction, the director now owns 1,400 shares of the company’s stock, valued at $43,372. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Earl E. Fry acquired 1,730 shares of CPB stock in a transaction dated Tuesday, June 13th. The shares were bought at an average price of $32.08 per share, with a total value of $55,498.40. Following the transaction, the director now directly owns 251 shares in the company, valued at approximately $8,052.08. The disclosure for this purchase can be found here. 4.10% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in CPB by 12,207.6% in the first quarter. BlackRock Inc. now owns 5,098,913 shares of the financial services provider’s stock valued at $155,721,000 after buying an additional 5,057,484 shares during the period. State Street Corp increased its stake in CPB by 18.2% in the first quarter. State Street Corp now owns 994,439 shares of the financial services provider’s stock valued at $30,364,000 after buying an additional 152,838 shares during the period. Vanguard Group Inc. increased its stake in CPB by 3.4% in the first quarter. Vanguard Group Inc. now owns 3,154,860 shares of the financial services provider’s stock valued at $96,350,000 after buying an additional 103,869 shares during the period. Principal Financial Group Inc. increased its stake in CPB by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,131,908 shares of the financial services provider’s stock valued at $34,568,000 after buying an additional 69,746 shares during the period. Finally, AQR Capital Management LLC increased its stake in CPB by 19.0% in the first quarter. AQR Capital Management LLC now owns 352,981 shares of the financial services provider’s stock valued at $10,780,000 after buying an additional 56,330 shares during the period. Hedge funds and other institutional investors own 92.36% of the company’s stock.

About CPB

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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