Bank of Hawaii Corporation $BOH Shares Sold by Newport Trust Company LLC

Key Points

• Newport Trust Company LLC reduced its stake in Bank of Hawaii Corporation by 4.6%, selling 17,880 shares and owning 369,280 shares, worth approximately $25.47 million.
• Analysts have updated their price targets for BOH, with Barclays raising it to $68.00 and Piper Sandler initiating coverage with a $71.00 target, while the consensus rating remains a "Hold" with an average target price of $75.00.
• Bank of Hawaii recently announced a quarterly dividend of $0.70, yielding roughly 4.3%, with the ex-dividend date set for August 29th.

Newport Trust Company LLC cut its holdings in shares of Bank of Hawaii Corporation (NYSE:BOH - Free Report) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 369,280 shares of the bank's stock after selling 17,880 shares during the quarter. Newport Trust Company LLC owned about 0.93% of Bank of Hawaii worth $25,469,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ameriprise Financial Inc. boosted its position in Bank of Hawaii by 9.2% during the first quarter. Ameriprise Financial Inc. now owns 706,105 shares of the bank's stock worth $48,700,000 after acquiring an additional 59,215 shares during the last quarter. Vestmark Advisory Solutions Inc. boosted its position in Bank of Hawaii by 23.3% during the first quarter. Vestmark Advisory Solutions Inc. now owns 9,610 shares of the bank's stock worth $663,000 after acquiring an additional 1,813 shares during the last quarter. HighTower Advisors LLC raised its stake in Bank of Hawaii by 10.7% during the first quarter. HighTower Advisors LLC now owns 27,695 shares of the bank's stock worth $1,910,000 after purchasing an additional 2,671 shares during the period. Public Sector Pension Investment Board raised its stake in Bank of Hawaii by 27.3% during the first quarter. Public Sector Pension Investment Board now owns 126,029 shares of the bank's stock worth $8,692,000 after purchasing an additional 27,017 shares during the period. Finally, Nuveen LLC purchased a new position in Bank of Hawaii during the first quarter worth about $7,066,000. 82.18% of the stock is currently owned by institutional investors and hedge funds.

Bank of Hawaii Stock Up 0.4%

BOH traded up $0.28 during trading hours on Wednesday, hitting $68.80. 71,186 shares of the company's stock were exchanged, compared to its average volume of 424,778. Bank of Hawaii Corporation has a 12-month low of $57.44 and a 12-month high of $82.70. The firm has a 50 day moving average of $66.50 and a 200 day moving average of $67.34. The firm has a market cap of $2.74 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 0.88 and a beta of 0.80. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.40.

Bank of Hawaii (NYSE:BOH - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.02. Bank of Hawaii had a net margin of 16.30% and a return on equity of 12.67%. The firm had revenue of $174.48 million for the quarter, compared to the consensus estimate of $177.82 million. During the same period in the prior year, the firm earned $0.81 EPS. Analysts predict that Bank of Hawaii Corporation will post 3.97 EPS for the current fiscal year.

Bank of Hawaii Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, August 29th. Bank of Hawaii's payout ratio is 73.49%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler assumed coverage on shares of Bank of Hawaii in a research note on Thursday, August 21st. They set a "neutral" rating and a $71.00 target price on the stock. Stephens reduced their target price on shares of Bank of Hawaii from $78.00 to $76.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. Finally, Barclays lifted their target price on shares of Bank of Hawaii from $67.00 to $68.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $75.00.

About Bank of Hawaii

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.