<div id="readability-page-1"><p>Central Pacific Bank's Trust Division recently disclosed a $3.11 million sale of <strong>Apple</strong><span>(AAPL<span> -0.59%</span>)</span> shares in its latest quarterly SEC filing for Q2 2025.</p><h2 id="what-happened">What happened?</h2><p>Central Pacific Bank - Trust Division reduced its stake in Apple by 14,540 shares during Q2 2025, executing a $3.11 million sale, according to a July 1, 2025 SEC filing. The transaction lowered the fund’s Apple position to 76,838 shares, valued at $15.76 million as of June 30, 2025.</p><h2 id="what-else-to-know">What else to know</h2><p>Apple stake trimmed; now 2.01% of reported 13F AUM</p><p>Top holdings after the filing:</p><ul><li>IVV: $48.96 million (6.2% of AUM)</li><li>MSFT: $26.04 million (3.3% of AUM)</li><li>SPY: $24.01 million (3.1% of AUM)</li><li>IUSB: $18.13 million (2.3% of AUM)</li><li>NVDA: $17.14 million (2.2% of AUM)</li></ul><p>Apple shares closed at $213.55 on July 1, 2025, down 3.05% over the prior 12 months, underperforming the S&amp;P 500 by 17.0 percentage points over the same period</p><p>Current dividend yield: 0.44%; forward P/E: 32.96; shares ended the quarter 17.90% below the 52-week high</p><p>Five-year revenue CAGR: -12.78% for the period ending June 30, 2025</p><h2 id="company-overview">Company overview</h2><div><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Market capitalization</td><td>$3.19 trillion</td></tr><tr><td>Revenue (TTM)</td><td>$400.37 billion</td></tr><tr><td>Net income (TTM)</td><td>$97.29 billion</td></tr><tr><td>Dividend yield</td><td>0.44%</td></tr></tbody></table></div><h2 id="company-snapshot">Company snapshot</h2><p>Offers a diversified portfolio of products and services, including iPhone smartphones, Mac computers, iPad tablets, wearables (such as Apple Watch and AirPods), and a suite of digital services like Apple Music, Apple TV+, and the App Store.</p><p>Operates a vertically integrated business model, generating revenue through direct hardware sales, subscription-based digital services, and platform fees from third-party applications and content.</p><p>Serves a global customer base comprising consumers, small and mid-sized businesses, as well as institutional clients in education, enterprise, and government sectors.</p><p>Apple is a global technology leader with a multitrillion-dollar market capitalization and a robust portfolio spanning hardware, software, and digital services.</p><h2 id="foolish-take">Foolish take</h2><p>Over the past year, Apple’s shares have fallen 7.3%, including a 16% drop in 2025 alone. Central Pacific Bank's divestment likely stems from momentum concerns in Apple stock. At a fundamental level though, the business remains sound with revenue and profit margins recovering over the past 14 months, after stagnating in 2022 and 2023.</p><p>The company’s high-margin services segment continues to be its trump card as it has consistently driven Apple’s overall growth with minimal cost outlays. This segment doubled quarterly revenue in five years, to $26.6 billion, second only to iPhone sales of $46.8 billion, which grew at a more sluggish pace of 61% over the same period. But what makes the services segment truly lucrative is that Apple's tightly-knit hardware ecosystem can be configured to offer even more value-added services to users than what's being offered today, including facilitating AI-powered offerings.</p><p>The stock’s trailing PE ratio of 32.7 is slightly above its five-year average of 30.3, implying the market is still bullish about Apple’s growth prospects. I agree with the assessment and wouldn’t consider the stock expensive. So long as Apple's overall business has an efficient growth engine, the stock should continue to reward investors handsomely.</p><h2 id="glossary">Glossary</h2><p><strong>13F AUM: </strong>The total market value of assets reported by institutional investment managers in quarterly SEC Form 13F filings.</p><p><strong>SEC filing: </strong>Official documents submitted to the U.S. Securities and Exchange Commission, disclosing financial and ownership information.</p><p><strong>Dividend yield: </strong>Annual dividends paid by a company, expressed as a percentage of its share price.</p><p><strong>Forward P/E: </strong>Price-to-earnings ratio using forecasted earnings over the next year, indicating how much investors pay per dollar of expected profit.</p><p><strong>CAGR: </strong>Compound annual growth rate; the mean annual growth rate of an investment over a specified period, accounting for compounding.</p><p><strong>TTM: </strong>Trailing twelve months; refers to financial data from the past 12 consecutive months.</p><p><strong>Vertically integrated business model: </strong>A company controls multiple stages of its supply chain, from production to sales.</p><p><strong>Platform fees: </strong>Charges collected by a company for allowing third parties to offer products or services on its platform.</p><p><strong>Institutional clients: </strong>Organizations such as businesses, schools, or governments that purchase products or services, often in large quantities.</p><p><strong>ETF: </strong>Exchange-traded fund; a type of investment fund traded on stock exchanges, holding a basket of assets.</p><p><strong>Dividend: </strong>A portion of a company's earnings distributed to shareholders, typically as cash payments.</p><p><strong>Quarterly: </strong>Occurring every three months; often refers to financial reporting periods or updates.</p>                                                                            </div>

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<p>Central Pacific Bank's Trust Division sold 14,540 shares of Apple, reducing its stake to 76,838 shares valued at $15.76 million as of June 30, 2025. Despite the sale, analysts believe Apple has substantial growth potential, driven by its high-margin services segment, which has doubled revenue in five years. Apple's stock has underperformed recently, but its business fundamentals remain strong, with a trailing P/E ratio of 32.7, indicating market optimism about future growth.</p>

- Central Pacific Bank's Trust Division sold $3.11 million worth of Apple shares, reducing its stake by 14,540 shares in Q2 2025.  
- The bank's remaining Apple position is now 76,838 shares, valued at $15.76 million, representing 2.01% of its reported 13F AUM.  
- Despite recent stock declines, Apple's business fundamentals remain strong, particularly in its high-margin services segment, which continues to drive overall growth.  

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Central Pacific Bank Sells 14,540 Apple Shares in Q2. Here’s Why Apple Still Has Substantial Growth Ahead.