CPB Inc. (CPF) Stake Raised by Granite Investment Partners LLC
Granite Investment Partners LLC lifted its position in shares of CPB Inc. (NYSE:CPF) by 6.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 308,801 shares of the financial services provider’s stock after purchasing an additional 17,748 shares during the period. Granite Investment Partners LLC owned about 1.02% of CPB worth $9,938,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in CPF. QS Investors LLC lifted its position in shares of CPB by 4.7% during the 2nd quarter. QS Investors LLC now owns 4,532 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 203 shares during the last quarter. State of Alaska Department of Revenue lifted its position in CPB by 77.4% in the second quarter. State of Alaska Department of Revenue now owns 6,030 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 2,630 shares during the last quarter. Verition Fund Management LLC purchased a new stake in CPB in the second quarter valued at $211,000. Laurion Capital Management LP purchased a new stake in CPB in the second quarter valued at $245,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in CPB in the second quarter valued at $253,000. 92.40% of the stock is owned by institutional investors and hedge funds.
In related news, insider Blenn Fujimoto sold 3,350 shares of the business’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $30.19, for a total value of $101,136.50. Following the completion of the sale, the insider now directly owns 16,686 shares of the company’s stock, valued at $503,750.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.10% of the stock is owned by insiders.
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CPF has been the subject of a number of research reports. BidaskClub cut shares of CPB from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Zacks Investment Research cut shares of CPB from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. 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 stock currently has a consensus rating of “Hold” and an average target price of $32.50.
Shares of CPB Inc. (NYSE:CPF) traded up $0.33 on Tuesday, reaching $30.69. 98,900 shares of the company were exchanged, compared to its average volume of 133,166. CPB Inc. has a 52-week low of $27.34 and a 52-week high of $33.55. The stock has a market capitalization of $914.68, a PE ratio of 19.09 and a beta of 1.18. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.18.
CPB (NYSE:CPF) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). CPB had a net margin of 22.45% and a return on equity of 9.64%. The company had revenue of $51.69 million during the quarter, compared to analysts’ expectations of $52.43 million. During the same period last year, the firm earned $0.37 earnings per share. CPB’s revenue was up 3.1% on a year-over-year basis. analysts anticipate that CPB Inc. will post 1.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a $0.18 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 2.35%. CPB’s dividend payout ratio (DPR) is presently 45.28%.
CPB declared that its board has approved a share repurchase plan on Wednesday, November 15th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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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