Victory Capital Management Inc. Lowers Stake in CPB Inc. (CPF)
Victory Capital Management Inc. reduced its stake in CPB Inc. (NYSE:CPF) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,122,393 shares of the financial services provider’s stock after selling 22,514 shares during the period. Victory Capital Management Inc. owned approximately 3.68% of CPB worth $35,321,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of CPF. BNP Paribas Arbitrage SA boosted its stake in shares of CPB by 50.3% in the second quarter. BNP Paribas Arbitrage SA now owns 9,366 shares of the financial services provider’s stock valued at $295,000 after buying an additional 3,133 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of CPB by 8.4% in the second quarter. Legal & General Group Plc now owns 55,459 shares of the financial services provider’s stock valued at $1,745,000 after buying an additional 4,305 shares in the last quarter. Granite Investment Partners LLC boosted its stake in shares of CPB by 2.2% in the second quarter. Granite Investment Partners LLC now owns 291,053 shares of the financial services provider’s stock valued at $9,159,000 after buying an additional 6,166 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of CPB by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 175,090 shares of the financial services provider’s stock valued at $5,511,000 after buying an additional 1,310 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of CPB during the second quarter valued at $340,000. Institutional investors and hedge funds own 91.40% of the company’s stock.
CPB Inc. (CPF) opened at 28.96 on Thursday. The stock has a 50 day moving average price of $30.44 and a 200 day moving average price of $30.90. The company has a market capitalization of $881.51 million, a price-to-earnings ratio of 18.45 and a beta of 1.15. CPB Inc. has a 52-week low of $24.46 and a 52-week high of $33.55.
CPB (NYSE:CPF) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by $0.01. CPB had a return on equity of 9.52% and a net margin of 22.59%. The company had revenue of $49.50 million for the quarter, compared to the consensus estimate of $51.40 million. During the same period in the previous year, the business posted $0.39 EPS. On average, equities analysts expect that CPB Inc. will post $1.64 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. CPB’s payout ratio is 45.86%.
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Several equities research analysts have weighed in on the company. Zacks Investment Research cut CPB from a “hold” rating to a “sell” rating in a report on Friday, August 4th. BidaskClub cut CPB from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $32.50 target price on shares of CPB in a report on Friday, July 14th. 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’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $31.83.
In other CPB news, Director Paul K. Yonamine acquired 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average price of $30.98 per share, for a total transaction of $43,372.00. Following the completion of the purchase, the director now directly owns 1,400 shares in the company, valued at $43,372. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Earl E. Fry acquired 1,730 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were acquired at an average price of $32.08 per share, for a total transaction of $55,498.40. Following the purchase, the director now owns 251 shares of the company’s stock, valued at $8,052.08. The disclosure for this purchase can be found here. Company insiders own 4.10% of the company’s stock.
CPB Company Profile
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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