Bank of Hawaii (NYSE:BOH) Cut to Market Perform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Bank of Hawaii (NYSE:BOH) from an outperform rating to a market perform rating in a report released on Tuesday morning, Marketbeat.com reports. They currently have $78.00 price objective on the bank’s stock, down from their previous price objective of $85.00.

Several other equities research analysts have also recently issued reports on the company. Barclays cut their price target on Bank of Hawaii from $88.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 28th. Weiss Ratings lowered Bank of Hawaii from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, October 19th. Stephens cut Bank of Hawaii from an “overweight” rating to an “equal weight” rating and set a $85.00 price objective for the company. in a report on Thursday, August 6th. Piper Sandler cut their target price on Bank of Hawaii from $85.00 to $78.00 and set a “neutral” rating for the company in a research report on Thursday, October 1st. Finally, DA Davidson upped their target price on Bank of Hawaii from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $80.20.

Bank of Hawaii Stock Performance

Shares of NYSE:BOH opened at $70.57 on Tuesday. The company’s 50 day moving average price is $72.00 and its two-hundred day moving average price is $76.31. Bank of Hawaii has a 12-month low of $62.54 and a 12-month high of $86.31. The firm has a market cap of $2.77 billion, a PE ratio of 12.49, a PEG ratio of 0.84 and a beta of 0.72. The company has a quick ratio of 0.70, a current ratio of 0.72 and a debt-to-equity ratio of 0.58.

Bank of Hawaii (NYSE:BOH) last announced its earnings results on Monday, October 26th. The bank reported $1.49 EPS for the quarter, missing the consensus estimate of $1.51 by ($0.02). Bank of Hawaii had a return on equity of 16.35% and a net margin of 22.89%. The business had revenue of $198.76 million for the quarter, compared to the consensus estimate of $202.59 million. During the same period in the prior year, the business posted $1.20 earnings per share. Equities research analysts predict that Bank of Hawaii will post 5.86 earnings per share for the current year.

Bank of Hawaii Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Monday, November 30th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $2.80 annualized dividend and a yield of 4.0%. Bank of Hawaii’s dividend payout ratio is presently 49.56%.

Insiders Place Their Bets

In other Bank of Hawaii news, insider Marco Abbruzzese sold 2,441 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $81.59, for a total transaction of $199,161.19. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BOH. Diversify Advisory Services LLC acquired a new position in Bank of Hawaii in the 3rd quarter valued at approximately $358,000. TD Waterhouse Canada Inc. bought a new position in shares of Bank of Hawaii during the third quarter valued at $27,000. GAMMA Investing LLC raised its stake in shares of Bank of Hawaii by 100.8% during the third quarter. GAMMA Investing LLC now owns 7,363 shares of the bank’s stock valued at $507,000 after acquiring an additional 3,696 shares during the last quarter. Congress Asset Management Co. lifted its holdings in shares of Bank of Hawaii by 22.1% during the third quarter. Congress Asset Management Co. now owns 194,081 shares of the bank’s stock worth $13,376,000 after purchasing an additional 35,106 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Bank of Hawaii during the second quarter worth $278,000. 82.18% of the stock is currently owned by institutional investors.

About Bank of Hawaii

Bank of Hawaii Corporation is the parent company of Bank of Hawaii, a regional financial institution headquartered in Honolulu. Founded in 1897, the bank provides banking and financial services to consumers, businesses, and government entities, with a primary focus on Hawaii and selected Pacific markets.

Its consumer banking business offers deposit accounts, residential and consumer lending, credit cards, online and mobile banking, and other personal financial products. Through its commercial banking operations, Bank of Hawaii provides business loans, commercial real estate financing, treasury management, payments, and deposit services to companies and institutions.

The company also provides wealth management, trust, investment management, and private banking services.