Granite Investment Partners LLC raised its position in CPB Inc. (NYSE:CPF) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 291,053 shares of the financial services provider’s stock after buying an additional 6,166 shares during the period. Granite Investment Partners LLC’s holdings in CPB were worth $9,159,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of CPF. State of Alaska Department of Revenue increased its position in shares of CPB by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 3,400 shares of the financial services provider’s stock worth $103,000 after buying an additional 50 shares during the last quarter. Texas Permanent School Fund increased its position in CPB by 0.4% in the second quarter. Texas Permanent School Fund now owns 22,368 shares of the financial services provider’s stock valued at $704,000 after buying an additional 88 shares during the last quarter. Louisiana State Employees Retirement System increased 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 last quarter. Arizona State Retirement System increased its position in CPB by 1.3% in the first quarter. Arizona State Retirement System now owns 16,076 shares of the financial services provider’s stock valued at $491,000 after buying an additional 200 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in CPB by 2.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 13,917 shares of the financial services provider’s stock valued at $425,000 after buying an additional 300 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

CPB Inc. (NYSE CPF) opened at 29.44 on Friday. The firm has a market capitalization of $896.12 million, a P/E ratio of 18.75 and a beta of 1.15. CPB Inc. has a 52-week low of $24.46 and a 52-week high of $33.55. The company has a 50 day moving average price of $31.11 and a 200 day moving average price of $31.06.

CPB (NYSE:CPF) last released its earnings results 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 company had revenue of $49.50 million for the quarter, compared to analysts’ expectations of $51.40 million. CPB had a net margin of 22.59% and a return on equity of 9.52%. During the same quarter last year, the firm posted $0.39 earnings per share. On average, equities analysts forecast that CPB Inc. will post $1.64 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.72 annualized dividend and a yield of 2.45%. CPB’s dividend payout ratio (DPR) is presently 45.86%.

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Several equities analysts recently issued reports on CPF shares. Zacks Investment Research raised CPB from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Friday, June 9th. Piper Jaffray Companies reissued a “hold” rating and issued a $32.50 target price on shares of CPB in a research report on Friday, July 14th. Finally, BidaskClub downgraded CPB from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Two equities research 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. CPB presently has a consensus rating of “Hold” and a consensus target price of $31.83.

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

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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Institutional Ownership by Quarter for CPB (NYSE:CPF)

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