Rafferty Asset Management LLC Decreases Position in Bank of Hawaii Corporation $BOH

Key Points

• Rafferty Asset Management LLC reduced its stake in Bank of Hawaii Corporation by 11.9%, now holding approximately $3.86 million worth of shares.
• Bank of Hawaii announced a quarterly dividend of $0.70, equating to a 4.1% dividend yield, to be paid on September 15th.
• The company's stock has seen mixed analyst ratings, with a consensus rating of "Hold" and a target price of $75.00.

Rafferty Asset Management LLC reduced its position in shares of Bank of Hawaii Corporation (NYSE:BOH - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,964 shares of the bank's stock after selling 7,551 shares during the quarter. Rafferty Asset Management LLC owned 0.14% of Bank of Hawaii worth $3,860,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BOH. Versant Capital Management Inc boosted its stake in shares of Bank of Hawaii by 80.2% during the 1st quarter. Versant Capital Management Inc now owns 391 shares of the bank's stock worth $27,000 after acquiring an additional 174 shares in the last quarter. Private Trust Co. NA lifted its stake in Bank of Hawaii by 18,333.3% in the 1st quarter. Private Trust Co. NA now owns 553 shares of the bank's stock valued at $38,000 after buying an additional 550 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Bank of Hawaii by 110.5% in the 1st quarter. Golden State Wealth Management LLC now owns 581 shares of the bank's stock valued at $40,000 after buying an additional 305 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Bank of Hawaii in the 4th quarter valued at about $49,000. Finally, CWM LLC lifted its stake in Bank of Hawaii by 31.9% in the 1st quarter. CWM LLC now owns 1,643 shares of the bank's stock valued at $113,000 after buying an additional 397 shares in the last quarter. 82.18% of the stock is owned by hedge funds and other institutional investors.

Bank of Hawaii Price Performance

BOH stock traded up $1.26 during mid-day trading on Thursday, reaching $68.79. The company's stock had a trading volume of 296,840 shares, compared to its average volume of 343,477. The stock has a market cap of $2.74 billion, a PE ratio of 18.06, a P/E/G ratio of 0.87 and a beta of 0.84. 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 Corporation has a fifty-two week low of $57.44 and a fifty-two week high of $82.70. The company's 50 day moving average is $66.74 and its two-hundred day moving average is $67.13.

Bank of Hawaii (NYSE:BOH - Get Free Report) last announced its quarterly earnings results 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. Bank of Hawaii had a net margin of 16.30% and a return on equity of 12.67%. The business had revenue of $174.48 million during the quarter, compared to the consensus estimate of $177.82 million. During the same quarter last year, the firm earned $0.81 EPS. Equities research analysts expect that Bank of Hawaii Corporation will post 3.97 EPS for the current year.

Bank of Hawaii Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.70 dividend. 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 dividend payout ratio (DPR) is 73.49%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays raised their price target on shares of 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 assumed 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 target on the stock. Finally, Stephens decreased their price target 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. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $75.00.

Bank of Hawaii 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.