5,774,185 Shares in Bank of Hawaii Corporation $BOH Bought by BlackRock Inc.

Key Points

• BlackRock acquired 5.77 million Bank of Hawaii shares valued at approximately $470.5 million, giving it a 14.64% stake and making it a major shareholder.
• Bank of Hawaii reported quarterly EPS of $1.47, slightly above estimates, while revenue of $196.9 million fell short of expectations. The bank also declared a quarterly dividend of $0.70 per share, representing a 3.6% annualized yield.
• Analyst sentiment remains mixed, with two Buy ratings and six Holds; the consensus rating is Hold with an $85 price target, compared with the stock’s reported price of $76.94.

BlackRock Inc. purchased a new stake in Bank of Hawaii Corporation (NYSE:BOH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,774,185 shares of the bank's stock, valued at approximately $470,538,000. BlackRock Inc. owned 14.64% of Bank of Hawaii as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Danske Bank A S bought a new position in shares of Bank of Hawaii during the fourth quarter worth about $27,000. Western Wealth Management LLC bought a new stake in Bank of Hawaii in the 1st quarter valued at approximately $33,000. SHP Wealth Management bought a new stake in Bank of Hawaii in the 4th quarter valued at approximately $34,000. Global Retirement Partners LLC acquired a new position in Bank of Hawaii during the 2nd quarter worth approximately $34,000. Finally, Quarry LP boosted its position in Bank of Hawaii by 1,497.2% during the 3rd quarter. Quarry LP now owns 575 shares of the bank's stock worth $38,000 after acquiring an additional 539 shares during the last quarter. Institutional investors own 82.18% of the company's stock.

Insiders Place Their Bets

In other Bank of Hawaii news, insider Marco A. Abbruzzese sold 2,441 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $81.59, for a total transaction of $199,161.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.97% of the stock is owned by corporate insiders.

Bank of Hawaii Stock Performance

Shares of BOH stock opened at $76.94 on Tuesday. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 0.88 and a beta of 0.71. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50-day simple moving average of $80.90 and a 200 day simple moving average of $78.30. Bank of Hawaii Corporation has a 52 week low of $59.36 and a 52 week high of $86.31.

Bank of Hawaii (NYSE:BOH - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.01. The firm had revenue of $196.90 million during the quarter, compared to the consensus estimate of $199.51 million. Bank of Hawaii had a net margin of 21.84% and a return on equity of 15.72%. During the same period last year, the business posted $1.06 earnings per share. On average, sell-side analysts predict that Bank of Hawaii Corporation will post 5.91 earnings per share for the current year.

Bank of Hawaii Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.80 annualized dividend and a yield of 3.6%. Bank of Hawaii's dividend payout ratio is currently 52.24%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Bank of Hawaii in a research note on Friday, July 24th. Benchmark reaffirmed a "hold" rating on shares of Bank of Hawaii in a research report on Tuesday, July 28th. Barclays dropped their target price on Bank of Hawaii from $88.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 28th. DA Davidson increased their price target 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. Finally, Keefe, Bruyette & Woods decreased their price target on Bank of Hawaii from $95.00 to $92.00 and set an "outperform" rating for the company in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of Hawaii currently has an average rating of "Hold" and a consensus target price of $85.00.

About Bank of Hawaii

Bank of Hawaii NYSE: BOH is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.

The bank offers a comprehensive suite of personal and business banking products and services.

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