Territorial Bancorp Inc. (TBNK) Upgraded at Zacks Investment Research
Territorial Bancorp Inc. (NASDAQ:TBNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Territorial Bancorp, Inc. intends to operate as the bank holding company for Territorial Savings Bank, a federally chartered, FDIC-insured savings bank, which provides financial services to individuals, families, and businesses. Territorial Savings Bank accepts deposits; originates home equity loans and lines of credit, construction, commercial and other non-residential real estate loans, consumer loans, multi-family mortgage loans, and other loans; offers various deposit accounts, including passbook and statement savings accounts, certificates of deposit, money market accounts, commercial and regular checking accounts, and Super NOW accounts; engages in insurance agency activities; and provides various non-deposit investments, such as annuities and mutual funds through a third-party broker-dealer. Territorial Bancorp, Inc. is based in Honolulu, Hawaii with banking offices located throughout the State of Hawaii. “
A number of other research firms have also recently issued reports on TBNK. UBS AG cut Territorial Bancorp to an “underperform” rating in a report on Thursday, August 10th. ValuEngine cut Territorial Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub cut Territorial Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Finally, Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Territorial Bancorp in a report on Thursday, August 10th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company presently has a consensus rating of “Sell” and an average price target of $36.00.
Shares of Territorial Bancorp (NASDAQ TBNK) traded up 1.44% during trading on Wednesday, hitting $29.67. The stock had a trading volume of 26,712 shares. The firm has a 50-day moving average price of $29.80 and a 200 day moving average price of $30.85. Territorial Bancorp has a 52 week low of $27.73 and a 52 week high of $34.00. The company has a market capitalization of $274.95 million, a PE ratio of 16.21 and a beta of 0.28.
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In related news, Chairman Allan S. Kitagawa sold 4,813 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $30.00, for a total transaction of $144,390.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in Territorial Bancorp by 9.3% during the 1st quarter. Renaissance Technologies LLC now owns 549,600 shares of the financial services provider’s stock valued at $17,131,000 after acquiring an additional 46,700 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Territorial Bancorp by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 424,105 shares of the financial services provider’s stock valued at $13,228,000 after acquiring an additional 11,788 shares during the period. Vanguard Group Inc. boosted its holdings in Territorial Bancorp by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 315,570 shares of the financial services provider’s stock valued at $9,842,000 after acquiring an additional 6,595 shares during the period. State Street Corp boosted its holdings in Territorial Bancorp by 5.0% during the 2nd quarter. State Street Corp now owns 230,372 shares of the financial services provider’s stock valued at $7,184,000 after acquiring an additional 11,029 shares during the period. Finally, Northern Trust Corp boosted its holdings in Territorial Bancorp by 8.5% during the 2nd quarter. Northern Trust Corp now owns 90,566 shares of the financial services provider’s stock valued at $2,824,000 after acquiring an additional 7,123 shares during the period. Institutional investors own 45.97% of the company’s stock.
About Territorial Bancorp
Territorial Bancorp Inc is the holding company for Territorial Savings Bank (the Bank). The Bank provides financial services to individuals, families and businesses through its banking offices located throughout the State of Hawaii. Its business consists primarily of accepting deposits from the general public and investing those deposits together with funds generated from operations and borrowings in one- to four-family residential mortgage loans and investment securities.
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