CPB Inc. (NYSE:CPF) Cut to Sell at Zacks Investment Research
Zacks Investment Research cut shares of CPB Inc. (NYSE:CPF) from a hold rating to a sell rating in a research note published on Friday morning.
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. “
Several other analysts have also recently weighed in on the company. Piper Jaffray Companies reaffirmed a hold rating and set a $32.50 price objective on shares of CPB in a research report on Friday, July 14th. BidaskClub cut CPB from a sell rating to a strong sell rating in a research report on Friday, July 28th. Two 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 currently has an average rating of Hold and an average price target of $31.83.
Shares of CPB (NYSE CPF) traded down 0.58% during mid-day trading on Friday, hitting $30.66. The stock had a trading volume of 43,444 shares. The stock’s 50-day moving average price is $31.40 and its 200-day moving average price is $31.05. CPB has a 52-week low of $24.29 and a 52-week high of $33.55. The firm has a market cap of $935.56 million, a PE ratio of 19.53 and a beta of 1.15.
CPB (NYSE:CPF) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The firm had revenue of $49.50 million for the quarter, compared to the consensus estimate of $51.40 million. CPB had a net margin of 22.59% and a return on equity of 9.52%. During the same period in the previous year, the firm posted $0.39 earnings per share. On average, analysts anticipate that CPB will post $1.64 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $0.18 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.33%. CPB’s dividend payout ratio is currently 45.86%.
In related news, Director Earl E. Fry purchased 1,730 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were purchased at an average cost 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 purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Paul K. Yonamine purchased 1,400 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was bought at an average cost of $30.98 per share, for a total transaction of $43,372.00. Following the completion of the transaction, the director now owns 1,400 shares in the company, valued at $43,372. The disclosure for this purchase can be found here. Insiders own 4.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position in CPB by 11.4% in the first quarter. Bank of America Corp DE now owns 226,798 shares of the financial services provider’s stock valued at $6,927,000 after buying an additional 23,285 shares during the period. Boston Partners boosted its position in CPB by 2.2% in the first quarter. Boston Partners now owns 561,935 shares of the financial services provider’s stock valued at $17,161,000 after buying an additional 12,100 shares during the period. Bank of New York Mellon Corp boosted its position 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 valued at $36,038,000 after buying an additional 34,401 shares during the period. Dimensional Fund Advisors LP boosted its position in CPB by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,453,155 shares of the financial services provider’s stock valued at $44,380,000 after buying an additional 15,493 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in CPB by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 12,500 shares of the financial services provider’s stock valued at $382,000 after buying an additional 100 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.
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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