CPB (NYSE:CPF) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

CPB Inc. (NYSE:CPF)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $35.67 and traded as high as $37.88. CPB shares last traded at $37.4260, with a volume of 122,090 shares trading hands.

Analyst Upgrades and Downgrades

CPF has been the topic of several recent analyst reports. Weiss Ratings restated a “buy (a-)” rating on shares of CPB in a report on Monday. Zacks Research downgraded shares of CPB from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Finally, Benchmark began coverage on shares of CPB in a report on Thursday, July 9th. They issued a “buy” rating and a $44.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, CPB currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

CPB Trading Up 0.7%

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market cap of $968.81 million, a PE ratio of 12.06 and a beta of 0.84. The company’s fifty day moving average is $38.35 and its 200-day moving average is $35.68.

CPB (NYSE:CPF) last released its quarterly earnings data on Friday, July 24th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $77.45 million during the quarter, compared to analyst estimates of $75.69 million. CPB had a return on equity of 14.20% and a net margin of 22.52%.During the same quarter last year, the business posted $0.67 EPS. On average, analysts predict that CPB Inc. will post 3.32 earnings per share for the current fiscal year.

CPB Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a dividend of $0.30 per share. This is a positive change from CPB’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, August 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.2%. CPB’s payout ratio is presently 38.46%.

Institutional Trading of CPB

Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of CPB by 27.1% in the first quarter. Principal Financial Group Inc. now owns 162,431 shares of the financial services provider’s stock worth $5,191,000 after acquiring an additional 34,591 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of CPB in the 2nd quarter valued at about $11,926,000. Hsbc Holdings PLC purchased a new position in shares of CPB in the 4th quarter valued at about $3,171,000. Hennion & Walsh Asset Management Inc. raised its holdings in CPB by 94.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 27,727 shares of the financial services provider’s stock worth $1,059,000 after purchasing an additional 13,499 shares during the period. Finally, Globeflex Capital L P purchased a new position in CPB during the second quarter worth approximately $900,000. 88.42% of the stock is owned by hedge funds and other institutional investors.

About CPB

Central Pacific Financial Corp. is a bank holding company headquartered in Honolulu, Hawaii. Through its principal subsidiary, Central Pacific Bank, the company provides banking and financial services to consumers, businesses, nonprofit organizations and government entities throughout the Hawaiian Islands.

Central Pacific Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury management services, online and mobile banking, and wealth management solutions.