TIAA CREF Investment Management LLC Reduces Stake in CPB Inc. (CPF)

TIAA CREF Investment Management LLC decreased its position in CPB Inc. (NYSE:CPF) by 0.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,682 shares of the financial services provider’s stock after selling 747 shares during the period. TIAA CREF Investment Management LLC owned 0.73% of CPB worth $6,801,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of CPB by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,131,908 shares of the financial services provider’s stock worth $34,568,000 after buying an additional 69,746 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of CPB by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,437,662 shares of the financial services provider’s stock worth $45,171,000 after buying an additional 52,888 shares during the period. Fisher Asset Management LLC raised its stake in shares of CPB by 73.7% in the first quarter. Fisher Asset Management LLC now owns 86,410 shares of the financial services provider’s stock worth $2,639,000 after buying an additional 36,663 shares during the period. Bank of New York Mellon Corp raised its stake in shares of CPB by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 1,180,023 shares of the financial services provider’s stock worth $36,038,000 after buying an additional 34,401 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of CPB by 74.9% in the fourth quarter. Teachers Advisors LLC now owns 80,275 shares of the financial services provider’s stock worth $2,522,000 after buying an additional 34,390 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Shares of CPB Inc. (NYSE:CPF) traded down 0.65% during trading on Tuesday, hitting $30.48. 154,100 shares of the stock were exchanged. CPB Inc. has a 12-month low of $24.29 and a 12-month high of $33.55. The stock has a market cap of $930.07 million, a price-to-earnings ratio of 19.41 and a beta of 1.15. The stock’s 50 day moving average is $31.40 and its 200-day moving average is $31.05.

CPB (NYSE:CPF) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by $0.01. CPB had a net margin of 22.59% and a return on equity of 9.52%. The company had revenue of $49.50 million during the quarter, compared to the consensus estimate of $51.40 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. Equities research analysts anticipate that CPB Inc. will post $1.64 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, August 29th. CPB’s payout ratio is presently 45.86%.

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CPF has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of CPB from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Friday, June 9th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $32.50 price target on shares of CPB in a research note on Friday, July 14th. Finally, BidaskClub downgraded shares of CPB from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $31.83.

In other CPB news, Director Earl E. Fry purchased 1,730 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were purchased at an average cost of $32.08 per share, with a total value of $55,498.40. Following the completion of the purchase, the director now owns 251 shares in the company, valued at $8,052.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul K. Yonamine purchased 1,400 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was acquired at an average cost of $30.98 per share, for a total transaction of $43,372.00. Following the completion of the purchase, the director now owns 1,400 shares of the company’s stock, valued at approximately $43,372. The disclosure for this purchase can be found here. Corporate 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.

Institutional Ownership by Quarter for CPB (NYSE:CPF)

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