Lord Abbett & CO. LLC reduced its stake in shares of Bank of Hawaii Co. (NYSE:BOH) by 13.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 824,035 shares of the bank’s stock after selling 127,258 shares during the quarter. Lord Abbett & CO. LLC owned about 1.93% of Bank of Hawaii worth $68,370,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wasatch Advisors Inc. raised its position in Bank of Hawaii by 4.0% in the second quarter. Wasatch Advisors Inc. now owns 787,183 shares of the bank’s stock worth $65,313,000 after acquiring an additional 30,009 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Bank of Hawaii by 8.7% in the second quarter. Public Employees Retirement System of Ohio now owns 53,129 shares of the bank’s stock worth $4,408,000 after acquiring an additional 4,252 shares in the last quarter. Koch Industries Inc. bought a new stake in Bank of Hawaii in the second quarter worth about $364,000. Dean Capital Management bought a new stake in Bank of Hawaii in the second quarter worth about $3,164,000. Finally, Ameritas Investment Partners Inc. raised its position in Bank of Hawaii by 1.7% in the second quarter. Ameritas Investment Partners Inc. now owns 12,782 shares of the bank’s stock worth $1,061,000 after acquiring an additional 211 shares in the last quarter. Institutional investors and hedge funds own 75.72% of the company’s stock.
Bank of Hawaii Co. (BOH) traded down 0.114% during trading on Friday, reaching $82.885. The company’s stock had a trading volume of 50,785 shares. The firm has a market cap of $3.53 billion, a P/E ratio of 19.370 and a beta of 0.99. Bank of Hawaii Co. has a 52 week low of $72.97 and a 52 week high of $90.80. The stock’s 50 day moving average is $81.75 and its 200-day moving average is $81.22.
Bank of Hawaii (NYSE:BOH) last posted its earnings results on Monday, October 23rd. The bank reported $1.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.08. Bank of Hawaii had a return on equity of 15.07% and a net margin of 28.91%. The firm had revenue of $158.73 million for the quarter, compared to the consensus estimate of $163.29 million. During the same quarter in the prior year, the business posted $1.02 earnings per share. On average, equities research analysts forecast that Bank of Hawaii Co. will post $4.41 earnings per share for the current fiscal year.
Bank of Hawaii announced that its board has authorized a share buyback plan on Monday, October 23rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 30th will be given a $0.52 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.51%. Bank of Hawaii’s dividend payout ratio (DPR) is presently 47.82%.
Several brokerages have commented on BOH. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $88.00 price target on shares of Bank of Hawaii in a research report on Tuesday. Piper Jaffray Companies reiterated a “hold” rating and issued a $90.50 price target on shares of Bank of Hawaii in a research report on Tuesday. Zacks Investment Research cut Bank of Hawaii from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Jefferies Group LLC reissued a “hold” rating and issued a $92.00 price target on shares of Bank of Hawaii in a research note on Wednesday, October 11th. Finally, BidaskClub cut Bank of Hawaii from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $87.92.
In related news, insider Donna A. Tanoue sold 1,185 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $76.86, for a total value of $91,079.10. Following the sale, the insider now owns 15,204 shares in the company, valued at $1,168,579.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Donna A. Tanoue sold 4,050 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $76.15, for a total value of $308,407.50. Following the completion of the sale, the insider now owns 9,969 shares in the company, valued at approximately $759,139.35. The disclosure for this sale can be found here. Insiders sold 11,235 shares of company stock worth $860,767 in the last quarter. 2.16% of the stock is currently owned by company insiders.
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Bank of Hawaii 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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