Rhumbline Advisers Cuts Stock Holdings in Bank of Hawaii Corporation $BOH

Key Points

• Rhumbline Advisers decreased its stake in Bank of Hawaii Corporation by 6.0%, owning 110,871 shares valued at $7.65 million after selling 7,123 shares in Q1.
• Several institutional investors, such as Versant Capital Management and Golden State Wealth Management, significantly increased their holdings, showing changing investor confidence in the bank.
• The Bank of Hawaii recently reported earnings of $1.06 per share, beating estimates, and announced a quarterly dividend of $0.70 per share, yielding 4.1%.

Rhumbline Advisers lessened its holdings in Bank of Hawaii Corporation (NYSE:BOH - Free Report) by 6.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 110,871 shares of the bank's stock after selling 7,123 shares during the quarter. Rhumbline Advisers owned about 0.28% of Bank of Hawaii worth $7,647,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Bank of Hawaii by 23.7% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,180,744 shares of the bank's stock worth $150,406,000 after buying an additional 418,055 shares in the last quarter. Ameriprise Financial Inc. lifted 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 valued at $48,700,000 after purchasing an additional 59,215 shares during the period. 140 Summer Partners LP bought a new position in Bank of Hawaii during the first quarter valued at approximately $41,633,000. Natixis Advisors LLC lifted its position in Bank of Hawaii by 13.0% during the first quarter. Natixis Advisors LLC now owns 325,174 shares of the bank's stock valued at $22,427,000 after purchasing an additional 37,413 shares during the period. Finally, Millennium Management LLC lifted its position in Bank of Hawaii by 4,090.7% during the first quarter. Millennium Management LLC now owns 302,315 shares of the bank's stock valued at $20,851,000 after purchasing an additional 295,101 shares during the period. Hedge funds and other institutional investors own 82.18% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BOH. Piper Sandler began coverage on shares of Bank of Hawaii in a research report on Thursday, August 21st. They set a "neutral" rating and a $71.00 price objective on the stock. Barclays increased their price objective on shares of Bank of Hawaii from $67.00 to $68.00 and gave the company an "underweight" rating in a research report on Tuesday, July 8th. Finally, Stephens lowered their price objective on shares of Bank of Hawaii from $78.00 to $76.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $75.00.

Bank of Hawaii Price Performance

BOH stock traded down $0.79 during trading on Tuesday, hitting $65.83. 147,231 shares of the company's stock traded hands, compared to its average volume of 418,837. Bank of Hawaii Corporation has a 52 week low of $57.44 and a 52 week high of $82.70. 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 business has a fifty day simple moving average of $66.49 and a 200 day simple moving average of $66.88. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 0.88 and a beta of 0.84.

Bank of Hawaii (NYSE:BOH - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $1.06 EPS for the quarter, beating 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 business had revenue of $174.48 million during the quarter, compared to analyst estimates of $177.82 million. During the same quarter last year, the business earned $0.81 earnings per share. As a group, research analysts expect that Bank of Hawaii Corporation will post 3.97 EPS for the current fiscal year.

Bank of Hawaii Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, August 29th. Bank of Hawaii's dividend payout ratio (DPR) is 73.49%.

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.