140 Summer Partners LP Acquires New Stake in Bank of Hawaii Corporation $BOH

Key Points

• 140 Summer Partners LP has invested approximately $41.63 million in Bank of Hawaii Corporation by acquiring 603,645 shares, representing about 5.4% of its investment portfolio.
• In the first quarter, other institutional investors also increased their stakes in Bank of Hawaii, with Kayne Anderson Rudnick increasing their holdings by 23.7%, now owning a total of 2.18 million shares.
• Bank of Hawaii recently declared a $0.70 dividend per share, which translates to an annualized dividend of $2.80 and a dividend yield of 4.2%.

140 Summer Partners LP bought a new position in shares of Bank of Hawaii Corporation (NYSE:BOH - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 603,645 shares of the bank's stock, valued at approximately $41,633,000. Bank of Hawaii accounts for approximately 5.4% of 140 Summer Partners LP's holdings, making the stock its 11th largest holding. 140 Summer Partners LP owned about 1.52% of Bank of Hawaii at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Versant Capital Management Inc increased its position in Bank of Hawaii by 80.2% during the 1st quarter. Versant Capital Management Inc now owns 391 shares of the bank's stock valued at $27,000 after purchasing an additional 174 shares during the period. Private Trust Co. NA increased its position in Bank of Hawaii by 18,333.3% during the 1st quarter. Private Trust Co. NA now owns 553 shares of the bank's stock valued at $38,000 after purchasing an additional 550 shares during the period. Golden State Wealth Management LLC increased its position in Bank of Hawaii by 110.5% during the 1st quarter. Golden State Wealth Management LLC now owns 581 shares of the bank's stock valued at $40,000 after purchasing an additional 305 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Bank of Hawaii during the 4th quarter valued at approximately $49,000. Finally, CWM LLC increased its position in Bank of Hawaii by 31.9% during the 1st quarter. CWM LLC now owns 1,643 shares of the bank's stock valued at $113,000 after purchasing an additional 397 shares during the period. 82.18% of the stock is currently owned by institutional investors and hedge funds.

Bank of Hawaii Stock Down 0.8%

Shares of Bank of Hawaii stock traded down $0.54 on Friday, hitting $68.32. The company had a trading volume of 469,093 shares, compared to its average volume of 337,290. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 0.88 and a beta of 0.84. The stock has a 50 day moving average of $66.75 and a 200-day moving average of $67.05. Bank of Hawaii Corporation has a 1 year low of $57.44 and a 1 year high of $82.70.

Bank of Hawaii (NYSE:BOH - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.02. The firm had revenue of $174.48 million for the quarter, compared to the consensus estimate of $177.82 million. Bank of Hawaii had a net margin of 16.30% and a return on equity of 12.67%. During the same period in the previous year, the firm earned $0.81 EPS. As a group, sell-side analysts forecast that Bank of Hawaii Corporation will post 3.97 earnings per share for the current year.

Bank of Hawaii Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 29th. Bank of Hawaii's dividend payout ratio (DPR) is presently 73.49%.

Analyst Ratings Changes

Several brokerages have issued reports on BOH. Barclays boosted their price target on Bank of Hawaii from $67.00 to $68.00 and gave the company an "underweight" rating in a research note on Tuesday, July 8th. Piper Sandler began coverage on shares of Bank of Hawaii in a research note on Thursday, August 21st. They issued a "neutral" rating and a $71.00 price objective for the company. Finally, Stephens lowered their price objective on shares of Bank of Hawaii from $78.00 to $76.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bank of Hawaii currently has a consensus rating of "Hold" and a consensus target price of $75.00.

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.