Bank of Hawaii Corporation (BOH) Authorizes Stock Buyback Plan
Bank of Hawaii Corporation (NYSE:BOH) announced that its Board of Directors has initiated a share buyback plan, which permits the company to repurchase $100.00 million in outstanding shares on Monday, October 23rd, EventVestor reports. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
A number of brokerages have recently issued reports on BOH. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $94.00 target price on shares of Bank of Hawaii Corporation in a report on Wednesday, July 26th. Zacks Investment Research cut shares of Bank of Hawaii Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $92.00 target price on shares of Bank of Hawaii Corporation in a report on Wednesday, October 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $88.00 target price on shares of Bank of Hawaii Corporation in a report on Tuesday. Finally, BidaskClub cut shares of Bank of Hawaii Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Bank of Hawaii Corporation currently has a consensus rating of “Hold” and a consensus price target of $88.50.
Bank of Hawaii Corporation (NYSE:BOH) traded down 1.22% on Tuesday, reaching $82.67. 27,395 shares of the company’s stock traded hands. The company’s 50 day moving average is $81.55 and its 200-day moving average is $81.20. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 19.32 and a beta of 0.98. Bank of Hawaii Corporation has a 52-week low of $72.97 and a 52-week high of $90.80.
Bank of Hawaii Corporation (NYSE:BOH) last announced its quarterly earnings data on Monday, October 23rd. The bank reported $1.08 EPS for the quarter, hitting the consensus estimate of $1.08. The business had revenue of $158.73 million for the quarter, compared to analyst estimates of $163.29 million. Bank of Hawaii Corporation had a net margin of 27.28% and a return on equity of 15.45%. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Equities analysts expect that Bank of Hawaii Corporation will post $4.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 30th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.49%. Bank of Hawaii Corporation’s dividend payout ratio (DPR) is currently 48.48%.
In other news, insider Donna A. Tanoue sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $76.88, for a total value of $461,280.00. Following the sale, the insider now owns 9,969 shares of the company’s stock, valued at $766,416.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Donna A. Tanoue sold 4,050 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $76.15, for a total transaction of $308,407.50. Following the completion of the sale, the insider now directly owns 9,969 shares in the company, valued at approximately $759,139.35. The disclosure for this sale can be found here. In the last three months, insiders sold 11,235 shares of company stock worth $860,767. Insiders own 2.16% of the company’s stock.
About Bank of Hawaii Corporation
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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