CPB Inc. (NYSE:CPF) Stock Has Average Target Price of $39.00

Shares of CPB Inc. (NYSE:CPF) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $40.33.

A number of research firms have recently weighed in on CPF. Zacks Research cut CPB from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Weiss Ratings raised shares of CPB from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, October 27th. Royal Bank Of Canada set a $43.00 target price on shares of CPB in a research report on Thursday. Benchmark started coverage on shares of CPB in a report on Thursday, July 9th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, Truist Financial set a $43.00 target price on shares of CPB in a research report on Thursday.

CPB Price Performance

Shares of CPF opened at $38.89 on Tuesday. CPB has a twelve month low of $28.26 and a twelve month high of $40.99. The company has a market capitalization of $1.00 billion, a P/E ratio of 11.75 and a beta of 0.87. The firm has a 50 day moving average of $37.07 and a 200 day moving average of $35.43. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.13.

CPB (NYSE:CPF) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.03. CPB had a net margin of 23.69% and a return on equity of 14.75%. The business had revenue of $76.83 million during the quarter, compared to the consensus estimate of $77.27 million. As a group, equities research analysts anticipate that CPB will post 3.34 earnings per share for the current fiscal year.

CPB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Monday, November 30th. This is an increase from CPB’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 3.2%. CPB’s payout ratio is 36.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Illinois Municipal Retirement Fund boosted its position in CPB by 3.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 14,398 shares of the financial services provider’s stock valued at $460,000 after buying an additional 523 shares during the period. PNC Financial Services Group Inc. increased its position in shares of CPB by 35.5% during the first quarter. PNC Financial Services Group Inc. now owns 2,635 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 690 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of CPB by 11.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,744 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 902 shares during the period. Sei Investments Co. increased its position in shares of CPB by 7.6% during the first quarter. Sei Investments Co. now owns 23,969 shares of the financial services provider’s stock worth $766,000 after acquiring an additional 1,700 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of CPB by 1,888.6% during the first quarter. Fifth Third Bancorp now owns 5,906 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 5,609 shares in the last quarter. 88.42% of the stock is currently owned by institutional investors.

About CPB

Central Pacific Financial Corp. is the bank holding company for Central Pacific Bank, a community-focused financial institution headquartered in Honolulu, Hawaii. Central Pacific Bank serves consumers, businesses, nonprofit organizations and government entities, with a focus on customers throughout the Hawaiian Islands.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, commercial and small-business loans, commercial real estate financing, and treasury management services.