Bank of Hawaii (NYSE:BOH) Hits New 1-Year High After Strong Earnings

Bank of Hawaii Corporation (NYSE:BOH)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $78.25 and last traded at $75.7050, with a volume of 104306 shares trading hands. The stock had previously closed at $75.11.

The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.25 by $0.14. Bank of Hawaii had a net margin of 19.30% and a return on equity of 14.42%. The company had revenue of $189.65 million for the quarter, compared to the consensus estimate of $184.83 million. During the same period in the prior year, the firm posted $0.85 EPS.

Bank of Hawaii Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, February 27th. Bank of Hawaii’s dividend payout ratio (DPR) is currently 60.61%.

Analysts Set New Price Targets

BOH has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Bank of Hawaii from a “hold” rating to a “sell” rating in a research note on Sunday, January 4th. Barclays boosted their price objective on shares of Bank of Hawaii from $75.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday. DA Davidson increased their price target on Bank of Hawaii from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday. Keefe, Bruyette & Woods raised shares of Bank of Hawaii from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $75.00 to $91.00 in a report on Tuesday. Finally, Stephens reissued an “overweight” rating on shares of Bank of Hawaii in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $81.80.

Insider Activity

In other news, CEO Peter S. Ho sold 15,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $67.87, for a total transaction of $1,018,050.00. Following the completion of the sale, the chief executive officer owned 156,774 shares of the company’s stock, valued at $10,640,251.38. The trade was a 8.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. raised its stake in Bank of Hawaii by 122.3% during the third quarter. Balyasny Asset Management L.P. now owns 1,012,560 shares of the bank’s stock worth $66,464,000 after purchasing an additional 557,148 shares during the period. Norges Bank purchased a new stake in Bank of Hawaii in the second quarter valued at approximately $30,569,000. Verition Fund Management LLC raised its holdings in shares of Bank of Hawaii by 1,699.7% in the 3rd quarter. Verition Fund Management LLC now owns 265,834 shares of the bank’s stock valued at $17,449,000 after buying an additional 251,063 shares during the period. Two Sigma Investments LP boosted its holdings in Bank of Hawaii by 163.9% during the 3rd quarter. Two Sigma Investments LP now owns 339,827 shares of the bank’s stock valued at $22,306,000 after acquiring an additional 211,076 shares during the period. Finally, UBS Group AG grew its position in Bank of Hawaii by 199.5% in the 3rd quarter. UBS Group AG now owns 195,454 shares of the bank’s stock valued at $12,830,000 after acquiring an additional 130,188 shares in the last quarter. 82.18% of the stock is owned by hedge funds and other institutional investors.

Bank of Hawaii Price Performance

The company has a market capitalization of $2.95 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 0.66 and a beta of 0.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s 50 day simple moving average is $69.38 and its 200-day simple moving average is $66.80.

About Bank of Hawaii

Bank of Hawaii (NYSE: BOH) is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.

The bank offers a comprehensive suite of personal and business banking products and services.