Prospector Partners LLC increased its stake in shares of CPB Inc. (NYSE:CPF) by 33.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 243,000 shares of the financial services provider’s stock after buying an additional 60,300 shares during the period. Prospector Partners LLC owned 0.81% of CPB worth $7,820,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. QS Investors LLC boosted its holdings in CPB by 4.7% in the 2nd quarter. QS Investors LLC now owns 4,532 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 203 shares during the period. Verition Fund Management LLC bought a new stake in CPB in the 2nd quarter valued at about $211,000. Laurion Capital Management LP bought a new stake in CPB in the 2nd quarter valued at about $245,000. BlueCrest Capital Management Ltd bought a new stake in CPB in the 2nd quarter valued at about $253,000. Finally, Cubist Systematic Strategies LLC bought a new stake in CPB in the 2nd quarter valued at about $291,000. 92.28% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research raised shares of CPB from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.50.
CPB (NYSE:CPF) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.02). The business had revenue of $51.69 million during the quarter, compared to the consensus estimate of $52.43 million. CPB had a net margin of 22.45% and a return on equity of 9.64%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 EPS. research analysts forecast that CPB Inc. will post 1.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, November 29th. CPB’s payout ratio is presently 45.28%.
CPB declared that its Board of Directors has approved a stock repurchase plan on Wednesday, November 15th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Blenn Fujimoto sold 3,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $30.19, for a total value of $101,136.50. Following the completion of the transaction, the insider now directly owns 16,686 shares in the company, valued at approximately $503,750.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by insiders.
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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