Piper Sandler Initiates Coverage on Bank of Hawaii (NYSE:BOH)

Key Points

• Piper Sandler has reiterated a neutral rating for Bank of Hawaii (NYSE:BOH) with a price target of $71.00, suggesting an upside potential of 8.20% from its current price.
• Several analysts have varied their ratings and price targets, with Stephens lowering their target to $76.00, while Barclays raised theirs to $68.00.
• Bank of Hawaii reported a quarterly EPS of $1.06, exceeding analysts' expectations of $1.04, despite revenue falling short at $174.48 million against expectations of $177.82 million.

Piper Sandler assumed coverage on shares of Bank of Hawaii (NYSE:BOH - Free Report) in a research report released on Thursday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $71.00 target price on the bank's stock.

A number of other analysts have also recently issued reports on the company. Stephens reduced their price objective on Bank of Hawaii from $78.00 to $76.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Barclays raised their target price on Bank of Hawaii from $67.00 to $68.00 and gave the company an "underweight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Bank of Hawaii presently has an average rating of "Hold" and a consensus price target of $75.00.

Bank of Hawaii Stock Up 1.2%

BOH traded up $0.84 during trading on Thursday, reaching $68.76. 69,650 shares of the stock traded hands, compared to its average volume of 425,547. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 0.89 and a beta of 0.80. Bank of Hawaii has a fifty-two week low of $57.44 and a fifty-two week high of $82.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.70. The stock's 50-day simple moving average is $66.42 and its two-hundred day simple moving average is $67.33.

Bank of Hawaii (NYSE:BOH - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.02. The firm had revenue of $174.48 million during the quarter, compared to analysts' expectations of $177.82 million. Bank of Hawaii had a return on equity of 12.67% and a net margin of 16.30%.During the same quarter last year, the firm earned $0.81 earnings per share. As a group, equities research analysts expect that Bank of Hawaii will post 3.97 EPS for the current year.

Bank of Hawaii Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.70 dividend. The ex-dividend date is Friday, August 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.1%. Bank of Hawaii's payout ratio is presently 73.49%.

Hedge Funds Weigh In On Bank of Hawaii

A number of institutional investors have recently made changes to their positions in BOH. Bank of Montreal Can increased its stake in Bank of Hawaii by 5.9% during the fourth quarter. Bank of Montreal Can now owns 4,592 shares of the bank's stock valued at $327,000 after acquiring an additional 254 shares during the period. Raymond James Financial Inc. bought a new position in Bank of Hawaii during the fourth quarter valued at about $900,000. Mariner LLC increased its stake in Bank of Hawaii by 1.7% during the fourth quarter. Mariner LLC now owns 9,076 shares of the bank's stock valued at $647,000 after acquiring an additional 154 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in Bank of Hawaii by 2.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 44,276 shares of the bank's stock valued at $3,152,000 after acquiring an additional 867 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Bank of Hawaii by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 840,574 shares of the bank's stock valued at $59,884,000 after acquiring an additional 42,719 shares during the period. 82.18% of the stock is currently owned by institutional investors.

Bank of Hawaii Company 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.