Hovde Group began coverage on shares of CPB (NYSE:CPF – Free Report) in a research note issued to investors on Friday, Marketbeat reports. The firm issued a market perform rating and a $38.00 target price on the financial services provider’s stock.
A number of other research analysts have also recently weighed in on CPF. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of CPB in a report on Monday, September 14th. Benchmark assumed coverage on shares of CPB in a research note on Thursday, July 9th. They set a “buy” rating and a $44.00 target price on the stock. Finally, Zacks Research cut CPB from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, CPB has an average rating of “Moderate Buy” and a consensus price target of $39.00.
Get Our Latest Analysis on CPF
CPB Trading Down 0.1%
CPB (NYSE:CPF – Get Free Report) last posted its earnings results on Friday, July 24th. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. CPB had a net margin of 22.52% and a return on equity of 14.20%. The firm had revenue of $77.45 million during the quarter, compared to analyst estimates of $75.69 million. During the same period in the previous year, the firm earned $0.67 EPS. As a group, analysts forecast that CPB will post 3.32 EPS for the current year.
CPB Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.3%. This is an increase from CPB’s previous quarterly dividend of $0.29. CPB’s dividend payout ratio is 38.46%.
Hedge Funds Weigh In On CPB
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Globeflex Capital L P acquired a new position in shares of CPB during the 2nd quarter worth about $900,000. Bank of New York Mellon Corp acquired a new stake in shares of CPB in the second quarter valued at about $11,926,000. Hennion & Walsh Asset Management Inc. raised its position in shares of CPB by 94.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 27,727 shares of the financial services provider’s stock valued at $1,059,000 after buying an additional 13,499 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of CPB by 27.9% in the first quarter. Bank of America Corp DE now owns 83,791 shares of the financial services provider’s stock worth $2,678,000 after buying an additional 18,269 shares in the last quarter. Finally, Amundi purchased a new position in shares of CPB in the first quarter worth about $688,000. 88.42% of the stock is owned by hedge funds and other institutional investors.
About CPB
Central Pacific Financial Corp. (NYSE: CPF) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, Central Pacific Bank, provides banking and financial services to individuals, businesses and nonprofit organizations, with a primary focus on the Hawaii market.
The company offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer loans and business financing.
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