New York State Teachers Retirement System Trims Holdings in Bank of Hawaii Corporation $BOH

Key Points

• New York State Teachers Retirement System cut its stake in Bank of Hawaii by 35.2% in the first quarter, selling 19,066 shares and leaving it with 35,098 shares worth about $2.6 million.
• Analyst sentiment is mixed but leans cautious: the stock currently carries a consensus “Hold” rating with a price target of $85.80, while several firms recently adjusted their targets and ratings.
• Bank of Hawaii reported Q1 earnings of $1.30 per share, slightly below estimates, but it also continues to pay a solid dividend of $0.70 per quarter, implying an annualized yield of about 3.4%.

New York State Teachers Retirement System lowered its stake in shares of Bank of Hawaii Corporation (NYSE:BOH - Free Report) by 35.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,098 shares of the bank's stock after selling 19,066 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Bank of Hawaii worth $2,606,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in BOH. Vanguard Group Inc. raised its holdings in Bank of Hawaii by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 4,565,434 shares of the bank's stock valued at $312,139,000 after acquiring an additional 26,821 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Bank of Hawaii by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,517 shares of the bank's stock worth $74,149,000 after purchasing an additional 35,065 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Bank of Hawaii by 122.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,012,560 shares of the bank's stock worth $66,464,000 after purchasing an additional 557,148 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Bank of Hawaii by 36.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 865,384 shares of the bank's stock valued at $59,166,000 after purchasing an additional 229,806 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bank of Hawaii by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 512,552 shares of the bank's stock valued at $35,043,000 after purchasing an additional 1,592 shares in the last quarter. Institutional investors own 82.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Benchmark assumed coverage on Bank of Hawaii in a research note on Wednesday. They issued a "hold" rating for the company. Stephens upped their price objective on Bank of Hawaii from $82.00 to $86.00 and gave the company an "overweight" rating in a research note on Tuesday, April 21st. Keefe, Bruyette & Woods increased their target price on Bank of Hawaii from $91.00 to $95.00 and gave the stock an "outperform" rating in a report on Tuesday, April 21st. Barclays lifted their target price on Bank of Hawaii from $86.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Piper Sandler lowered their price target on Bank of Hawaii from $84.00 to $78.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $85.80.

Bank of Hawaii Stock Performance

Shares of BOH stock opened at $81.96 on Friday. The company has a market cap of $3.25 billion, a P/E ratio of 16.56, a PEG ratio of 0.86 and a beta of 0.70. The business has a 50 day moving average of $78.87 and a two-hundred day moving average of $76.17. Bank of Hawaii Corporation has a 52 week low of $59.36 and a 52 week high of $83.81. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.37.

Bank of Hawaii (NYSE:BOH - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The bank reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.03). The company had revenue of $192.32 million for the quarter, compared to analyst estimates of $193.53 million. Bank of Hawaii had a return on equity of 14.97% and a net margin of 20.46%.During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, analysts anticipate that Bank of Hawaii Corporation will post 5.89 EPS for the current year.

Bank of Hawaii Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Friday, May 29th. Bank of Hawaii's dividend payout ratio (DPR) is presently 56.57%.

Bank of Hawaii Company Profile

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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