HoldCo Asset Management LP Invests $30.77 Million in CPB Inc. $CPF

HoldCo Asset Management LP purchased a new stake in CPB Inc. (NYSE:CPF) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,097,630 shares of the financial services provider’s stock, valued at approximately $30,767,000. CPB accounts for approximately 4.8% of HoldCo Asset Management LP’s investment portfolio, making the stock its 8th biggest position. HoldCo Asset Management LP owned 4.07% of CPB as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CPF. Nuveen LLC purchased a new stake in CPB during the first quarter valued at about $11,382,000. Millennium Management LLC raised its holdings in shares of CPB by 433.6% during the first quarter. Millennium Management LLC now owns 293,335 shares of the financial services provider’s stock valued at $7,932,000 after acquiring an additional 238,367 shares during the period. Deutsche Bank AG raised its holdings in shares of CPB by 389.7% during the first quarter. Deutsche Bank AG now owns 132,008 shares of the financial services provider’s stock valued at $3,569,000 after acquiring an additional 105,051 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of CPB by 371.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 114,740 shares of the financial services provider’s stock valued at $3,216,000 after acquiring an additional 90,385 shares in the last quarter. Finally, Basswood Capital Management L.L.C. boosted its stake in CPB by 11.0% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 885,753 shares of the financial services provider’s stock worth $24,828,000 after purchasing an additional 88,028 shares during the period. Hedge funds and other institutional investors own 88.42% of the company’s stock.

CPB Stock Performance

Shares of NYSE CPF opened at $32.38 on Friday. CPB Inc. has a 12 month low of $23.16 and a 12 month high of $32.67. The company has a market cap of $868.62 million, a P/E ratio of 13.32 and a beta of 0.99. The business’s 50 day moving average is $29.63 and its two-hundred day moving average is $28.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.22.

CPB (NYSE:CPF) last announced its quarterly earnings data on Monday, March 10th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter. The business had revenue of $66.59 million for the quarter. CPB had a net margin of 18.66% and a return on equity of 13.28%. On average, equities analysts expect that CPB Inc. will post 2.75 EPS for the current year.

CPB Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, November 28th. This is a positive change from CPB’s previous quarterly dividend of $0.27. CPB’s payout ratio is presently 46.09%.

Wall Street Analysts Forecast Growth

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