Bank of Hawaii Corporation (BOH) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Bank of Hawaii Corporation (NYSE:BOH) from a buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. “

Other equities analysts also recently issued reports about the company. BidaskClub downgraded Bank of Hawaii Corporation from a hold rating to a sell rating in a research report on Thursday, July 13th. Jefferies Group LLC reaffirmed a hold rating and issued a $85.00 target price on shares of Bank of Hawaii Corporation in a research report on Friday, July 14th. Barclays PLC reaffirmed an equal weight rating and issued a $83.00 target price (up from $81.00) on shares of Bank of Hawaii Corporation in a research report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a hold rating and issued a $94.00 target price on shares of Bank of Hawaii Corporation in a research report on Wednesday, July 26th. Finally, Morgan Stanley reaffirmed an underweight rating and issued a $77.00 target price (up from $75.00) on shares of Bank of Hawaii Corporation in a research report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Bank of Hawaii Corporation presently has an average rating of Hold and a consensus target price of $88.60.

Bank of Hawaii Corporation (NYSE:BOH) last released its earnings results on Monday, July 24th. The bank reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $157.52 million during the quarter, compared to the consensus estimate of $157.76 million. Bank of Hawaii Corporation had a return on equity of 15.45% and a net margin of 27.28%. During the same period in the previous year, the company posted $1.03 EPS.

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The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.52 dividend. This is an increase from Bank of Hawaii Corporation’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Tuesday, August 29th. Bank of Hawaii Corporation’s payout ratio is currently 48.48%.

In other news, insider Donna A. Tanoue sold 6,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $76.88, for a total transaction of $461,280.00. Following the completion of the transaction, the insider now directly owns 9,969 shares of the company’s stock, valued at $766,416.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Donna A. Tanoue sold 4,050 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $76.15, for a total value of $308,407.50. Following the transaction, the insider now directly owns 9,969 shares of the company’s stock, valued at $759,139.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,235 shares of company stock valued at $860,767. Corporate insiders own 2.16% of the company’s stock.

Several institutional investors have recently made changes to their positions in BOH. BlackRock Inc. grew its position in shares of Bank of Hawaii Corporation by 11,412.9% during the first quarter. BlackRock Inc. now owns 5,822,179 shares of the bank’s stock worth $479,514,000 after buying an additional 5,771,608 shares in the last quarter. Koch Industries Inc. acquired a new position in shares of Bank of Hawaii Corporation during the second quarter worth about $364,000. State Street Corp grew its position in shares of Bank of Hawaii Corporation by 17.3% during the first quarter. State Street Corp now owns 1,994,913 shares of the bank’s stock worth $164,305,000 after buying an additional 294,607 shares in the last quarter. Balyasny Asset Management LLC grew its position in shares of Bank of Hawaii Corporation by 310.2% during the second quarter. Balyasny Asset Management LLC now owns 322,774 shares of the bank’s stock worth $26,781,000 after buying an additional 244,085 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of Bank of Hawaii Corporation during the second quarter worth about $17,903,000. 75.61% of the stock is owned by institutional investors and hedge funds.

About Bank of Hawaii Corporation

Bank of Hawaii Corporation is a bank holding company that operates through its subsidiary, Bank of Hawaii (the Bank). The Bank provides a range of financial products and services primarily to customers in Hawaii, Guam and other Pacific Islands. It operates in four segments: Retail Banking, Commercial Banking, Investment Services, and Treasury and Other.

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