Wedge Capital Management L L P NC cut its position in Bank of Hawaii Co. (NYSE:BOH) by 18.0% during the fourth quarter, Holdings Channel reports. The fund owned 5,772 shares of the bank’s stock after selling 1,270 shares during the period. Wedge Capital Management L L P NC’s holdings in Bank of Hawaii were worth $495,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Bank of Hawaii in the third quarter worth approximately $117,000. Rocky Mountain Advisers LLC boosted its stake in shares of Bank of Hawaii by 13,300.0% in the third quarter. Rocky Mountain Advisers LLC now owns 2,010 shares of the bank’s stock worth $168,000 after acquiring an additional 1,995 shares during the last quarter. Magnetar Financial LLC acquired a new stake in shares of Bank of Hawaii in the third quarter worth approximately $203,000. State of Alaska Department of Revenue acquired a new stake in shares of Bank of Hawaii in the fourth quarter worth approximately $214,000. Finally, Trexquant Investment LP acquired a new stake in shares of Bank of Hawaii in the third quarter worth approximately $240,000. 75.71% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on BOH shares. Zacks Investment Research lowered Bank of Hawaii from a “hold” rating to a “sell” rating in a research note on Tuesday, December 26th. Compass Point raised Bank of Hawaii from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $90.50 price target on shares of Bank of Hawaii in a research note on Tuesday, October 24th. Morgan Stanley lifted their price target on Bank of Hawaii from $76.00 to $88.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $88.00 price target on shares of Bank of Hawaii in a research note on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $91.92.
Bank of Hawaii (NYSE:BOH) last announced its quarterly earnings data on Monday, January 22nd. The bank reported $1.01 EPS for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.08). Bank of Hawaii had a return on equity of 15.48% and a net margin of 26.80%. The company had revenue of $160.63 million for the quarter, compared to analysts’ expectations of $162.90 million. During the same quarter in the previous year, the business posted $1.02 EPS. analysts forecast that Bank of Hawaii Co. will post 5.19 EPS for the current year.
Bank of Hawaii declared that its Board of Directors has approved a share buyback program on Monday, October 23rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 14th. Investors of record on Wednesday, February 28th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.08 dividend on an annualized basis and a yield of 2.60%. Bank of Hawaii’s payout ratio is 47.93%.
About Bank of Hawaii
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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