Bank of Hawaii (NYSE:BOH) Trading 6.7% Higher on Earnings Beat

Shares of Bank of Hawaii Co. (NYSE:BOH) rose 6.7% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $70.58 and last traded at $70.48. Approximately 45,385 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 316,249 shares. The stock had previously closed at $66.03.

The bank reported $0.93 EPS for the quarter, topping the consensus estimate of $0.82 by $0.11. The company had revenue of $265.76 million during the quarter, compared to analyst estimates of $160.29 million. Bank of Hawaii had a return on equity of 12.25% and a net margin of 14.54%. During the same period in the previous year, the business earned $1.17 EPS.

Bank of Hawaii Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $2.80 dividend on an annualized basis and a yield of 3.85%. Bank of Hawaii’s payout ratio is currently 84.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Piper Sandler increased their target price on shares of Bank of Hawaii from $61.00 to $66.00 and gave the company an “underweight” rating in a research report on Tuesday. Barclays raised their target price on shares of Bank of Hawaii from $50.00 to $56.00 and gave the stock an “underweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their price target on Bank of Hawaii from $67.00 to $74.00 and gave the company a “market perform” rating in a research report on Tuesday. DA Davidson increased their price target on Bank of Hawaii from $65.00 to $74.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Jefferies Financial Group boosted their price objective on Bank of Hawaii from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $64.80.

Institutional Trading of Bank of Hawaii

A number of hedge funds and other institutional investors have recently made changes to their positions in BOH. Victory Capital Management Inc. grew its position in Bank of Hawaii by 13.1% in the second quarter. Victory Capital Management Inc. now owns 1,634,909 shares of the bank’s stock worth $93,533,000 after acquiring an additional 189,878 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Bank of Hawaii by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 789,486 shares of the bank’s stock valued at $45,167,000 after purchasing an additional 98,465 shares during the last quarter. Swedbank AB grew its holdings in shares of Bank of Hawaii by 3.6% during the 2nd quarter. Swedbank AB now owns 725,000 shares of the bank’s stock worth $41,477,000 after purchasing an additional 25,000 shares during the period. American Century Companies Inc. increased its position in shares of Bank of Hawaii by 8.7% during the 2nd quarter. American Century Companies Inc. now owns 675,615 shares of the bank’s stock worth $38,652,000 after purchasing an additional 54,078 shares during the last quarter. Finally, Natixis Advisors LLC raised its holdings in Bank of Hawaii by 0.5% in the 2nd quarter. Natixis Advisors LLC now owns 295,878 shares of the bank’s stock valued at $16,927,000 after buying an additional 1,522 shares during the period. Institutional investors and hedge funds own 82.18% of the company’s stock.

Bank of Hawaii Price Performance

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 7.30 and a beta of 1.05. The stock’s 50-day simple moving average is $65.15 and its 200 day simple moving average is $61.92.

Bank of Hawaii Company Profile

Bank of Hawaii Corporation operates as the bank holding company for Bank of Hawaii that provides various financial products and services in Hawaii, Guam, and other Pacific Islands. It operates in three segments: Consumer Banking, Commercial Banking, and Treasury and Other. The Consumer Banking segment offers checking, savings, and time deposit accounts; residential mortgage loans, home equity lines of credit, automobile loans and leases, overdraft lines of credit, installment loans, small business loans and leases, and credit cards; private and international client banking, investment, credit, and trust services to individuals and families, as well as high-net-worth individuals; investment management; institutional investment advisory services to corporations, government entities, and foundations; and brokerage offerings, including equities, mutual funds, life insurance, and annuity products.