CPB Inc. $CPF Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its holdings in shares of CPB Inc. (NYSE:CPF) by 22.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 434,926 shares of the financial services provider’s stock after selling 129,025 shares during the quarter. Allianz Asset Management GmbH’s holdings in CPB were worth $12,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of CPB in the second quarter worth $500,000. Allspring Global Investments Holdings LLC purchased a new stake in CPB in the second quarter valued at $277,000. Mirae Asset Global Investments Co. Ltd. grew its position in CPB by 11.3% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,547 shares of the financial services provider’s stock worth $688,000 after purchasing an additional 2,491 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of CPB by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 36,558 shares of the financial services provider’s stock valued at $1,025,000 after buying an additional 547 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of CPB by 6.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 16,037 shares of the financial services provider’s stock valued at $448,000 after buying an additional 1,040 shares during the last quarter. 88.42% of the stock is owned by hedge funds and other institutional investors.

CPB Stock Up 3.0%

Shares of CPF opened at $28.99 on Tuesday. The firm has a market cap of $782.15 million, a P/E ratio of 13.00 and a beta of 1.06. CPB Inc. has a 12 month low of $23.16 and a 12 month high of $33.25. The stock’s 50 day moving average is $30.07 and its two-hundred day moving average is $27.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.29.

CPB (NYSE:CPF) last announced its earnings results on Monday, March 10th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter. CPB had a return on equity of 12.80% and a net margin of 17.31%.The firm had revenue of $66.59 million for the quarter. Analysts predict that CPB Inc. will post 2.75 earnings per share for the current fiscal year.

CPB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $0.27 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.08 annualized dividend and a dividend yield of 3.7%. CPB’s dividend payout ratio (DPR) is 48.43%.

Insider Transactions at CPB

In related news, Director Agnes Catherine Ngo sold 3,333 shares of CPB stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $30.66, for a total value of $102,189.78. Following the sale, the director directly owned 60,514 shares in the company, valued at approximately $1,855,359.24. The trade was a 5.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Paul Kosasa sold 923 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $28.62, for a total value of $26,416.26. The disclosure for this sale can be found here. Insiders have sold 7,589 shares of company stock valued at $221,497 in the last three months. Corporate insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CPF. Piper Sandler started coverage on CPB in a research note on Thursday, August 21st. They issued an “overweight” rating and a $35.00 target price on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of CPB in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of CPB in a report on Wednesday, October 8th. They set a “market perform” rating and a $34.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, CPB presently has an average rating of “Moderate Buy” and an average target price of $34.50.

About CPB

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.