Zacks Investment Research Upgrades Bank of Hawaii Co. (BOH) to “Buy”
Bank of Hawaii Co. (NYSE:BOH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $89.00 price target on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.62% from the company’s current price.
According to Zacks, “Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. “
Shares of Bank of Hawaii (NYSE:BOH) traded down 0.80% on Wednesday, hitting $79.03. The stock had a trading volume of 161,707 shares. Bank of Hawaii has a 12-month low of $64.96 and a 12-month high of $90.80. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 18.51 and a beta of 0.92. The stock has a 50 day moving average price of $80.71 and a 200-day moving average price of $84.15.
Bank of Hawaii (NYSE:BOH) last issued its quarterly earnings results on Monday, April 24th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The firm had revenue of $165.79 million for the quarter, compared to analysts’ expectations of $159.45 million. Bank of Hawaii had a return on equity of 15.71% and a net margin of 27.69%. During the same quarter in the previous year, the firm posted $1.16 EPS. On average, equities analysts expect that Bank of Hawaii will post $4.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Wednesday, May 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Friday, May 26th. This is a boost from Bank of Hawaii’s previous quarterly dividend of $0.48. Bank of Hawaii’s payout ratio is 45.39%.
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In other Bank of Hawaii news, Vice Chairman James C. Polk sold 23,333 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $85.25, for a total transaction of $1,989,138.25. Following the transaction, the insider now owns 30,279 shares in the company, valued at approximately $2,581,284.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mary E. Sellers sold 12,964 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $84.51, for a total value of $1,095,587.64. Following the transaction, the insider now owns 62,485 shares in the company, valued at approximately $5,280,607.35. The disclosure for this sale can be found here. Insiders sold a total of 65,497 shares of company stock worth $5,493,400 in the last 90 days. 2.52% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in BOH. Bank of Montreal Can boosted its position in Bank of Hawaii by 1.2% in the first quarter. Bank of Montreal Can now owns 26,897 shares of the bank’s stock valued at $2,216,000 after buying an additional 316 shares during the last quarter. State Street Corp boosted its position in Bank of Hawaii by 5.2% in the fourth quarter. State Street Corp now owns 1,700,306 shares of the bank’s stock valued at $150,800,000 after buying an additional 83,967 shares during the last quarter. Pacer Advisors Inc. boosted its position in Bank of Hawaii by 9.0% in the third quarter. Pacer Advisors Inc. now owns 3,760 shares of the bank’s stock valued at $273,000 after buying an additional 312 shares during the last quarter. Norges Bank acquired a new position in Bank of Hawaii during the fourth quarter valued at about $33,198,000. Finally, Teachers Advisors LLC boosted its position in Bank of Hawaii by 4.4% in the fourth quarter. Teachers Advisors LLC now owns 59,252 shares of the bank’s stock valued at $5,255,000 after buying an additional 2,489 shares during the last quarter. Institutional investors own 78.03% of the company’s stock.
Bank of Hawaii Company Profile
Bank of Hawaii Corporation is a bank holding company that operates through its subsidiary, Bank of Hawaii (the Bank). The Bank provides a range of financial products and services primarily to customers in Hawaii, Guam and other Pacific Islands. It operates in four segments: Retail Banking, Commercial Banking, Investment Services, and Treasury and Other.
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