CPB (NYSE:CPF) Coverage Initiated by Analysts at Hovde Group

Equities researchers at Hovde Group initiated coverage on shares of CPB (NYSE:CPF) in a research note issued to investors on Friday, Benzinga reports. The brokerage set a “market perform” rating and a $38.00 price target on the financial services provider’s stock. Hovde Group’s price target would indicate a potential upside of 5.47% from the stock’s current price.

Several other research firms have also commented on CPF. Zacks Research lowered shares of CPB from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of CPB in a research report on Monday, September 14th. Finally, Benchmark began coverage on shares of CPB in a research report on Thursday, July 9th. They set a “buy” rating and a $44.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, CPB presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

CPB Stock Performance

Shares of CPF stock opened at $36.03 on Friday. The company’s 50 day moving average is $37.93 and its 200 day moving average is $36.03. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The firm has a market cap of $927.72 million, a price-to-earnings ratio of 11.55 and a beta of 0.87. CPB has a 52-week low of $27.38 and a 52-week high of $40.99.

CPB (NYSE:CPF) last issued its quarterly earnings data on Friday, July 24th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. CPB had a return on equity of 14.20% and a net margin of 22.52%.The firm had revenue of $77.45 million during the quarter, compared to analysts’ expectations of $75.69 million. During the same period in the prior year, the business posted $0.67 EPS. On average, sell-side analysts anticipate that CPB will post 3.32 EPS for the current fiscal year.

Institutional Trading of CPB

A number of institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new position in shares of CPB in the 2nd quarter valued at about $11,926,000. Hsbc Holdings PLC acquired a new stake in CPB during the fourth quarter worth about $3,171,000. Principal Financial Group Inc. grew its holdings in CPB by 27.1% during the first quarter. Principal Financial Group Inc. now owns 162,431 shares of the financial services provider’s stock worth $5,191,000 after acquiring an additional 34,591 shares during the period. Globeflex Capital L P purchased a new position in CPB during the second quarter valued at approximately $900,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in CPB by 102.7% in the first quarter. Y Intercept Hong Kong Ltd now owns 45,971 shares of the financial services provider’s stock valued at $1,469,000 after acquiring an additional 23,292 shares during the period. 88.42% of the stock is currently owned by institutional investors and hedge funds.

CPB Company Profile

Central Pacific Financial Corp. is a bank holding company headquartered in Honolulu, Hawaii. Through its principal subsidiary, Central Pacific Bank, the company provides banking and financial services to consumers, businesses, nonprofit organizations and government entities throughout the Hawaiian Islands.

Central Pacific Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury management services, online and mobile banking, and wealth management solutions.