AlphaQuest LLC Grows Holdings in CPB Inc. $CPF

AlphaQuest LLC raised its position in CPB Inc. (NYSE:CPF) by 39.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,267 shares of the financial services provider’s stock after purchasing an additional 6,582 shares during the period. AlphaQuest LLC owned about 0.09% of CPB worth $629,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CPF. Wells Fargo & Company MN lifted its holdings in CPB by 29.1% in the 4th quarter. Wells Fargo & Company MN now owns 15,850 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 3,574 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CPB in the 4th quarter valued at about $1,712,000. Barclays PLC lifted its holdings in shares of CPB by 11.4% during the 4th quarter. Barclays PLC now owns 65,160 shares of the financial services provider’s stock worth $1,893,000 after acquiring an additional 6,667 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of CPB by 5.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 29,414 shares of the financial services provider’s stock worth $854,000 after acquiring an additional 1,604 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in shares of CPB by 9.4% during the 4th quarter. MetLife Investment Management LLC now owns 16,676 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 1,430 shares during the period. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler began coverage on shares of CPB in a report on Thursday, August 21st. They set an “overweight” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $35.00.

Insider Buying and Selling

In related news, Director Paul K. Yonamine sold 2,765 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $26.31, for a total transaction of $72,747.15. Following the completion of the sale, the director owned 19,711 shares of the company’s stock, valued at approximately $518,596.41. This represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Agnes Catherine Ngo sold 3,333 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $27.87, for a total transaction of $92,890.71. Following the sale, the director directly owned 65,459 shares of the company’s stock, valued at approximately $1,824,342.33. This trade represents a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,764 shares of company stock valued at $352,919. Corporate insiders own 2.40% of the company’s stock.

CPB Trading Up 0.5%

Shares of CPF stock opened at $30.9120 on Tuesday. The firm has a market cap of $834.01 million, a P/E ratio of 13.86 and a beta of 1.07. CPB Inc. has a 1-year low of $23.16 and a 1-year high of $33.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s 50-day simple moving average is $28.01 and its 200-day simple moving average is $27.28.

CPB (NYSE:CPF) last posted its earnings results on Friday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03). The business had revenue of $72.81 million for the quarter, compared to analyst estimates of $71.80 million. CPB had a return on equity of 12.80% and a net margin of 17.31%.During the same period last year, the company posted $0.58 EPS. As a group, equities analysts forecast that CPB Inc. will post 2.75 EPS for the current year.

CPB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.5%. CPB’s dividend payout ratio (DPR) is presently 48.43%.

CPB Company Profile

Central Pacific Financial Corp. operates as the bank holding company for Central Pacific Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products and services, including checking, savings and time deposits, cash management and digital banking, trust, and retail brokerage services, as well as money market accounts and certificates of deposit.