First Hawaiian Bank reduced its position in Bank of Hawaii Co. (NYSE:BOH) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 146,336 shares of the bank’s stock after selling 3,205 shares during the quarter. Bank of Hawaii makes up about 0.6% of First Hawaiian Bank’s portfolio, making the stock its 19th largest position. First Hawaiian Bank owned 0.35% of Bank of Hawaii worth $11,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of BOH. Commonwealth Equity Services LLC grew its position in Bank of Hawaii by 3.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 4,784 shares of the bank’s stock valued at $322,000 after buying an additional 144 shares during the period. ETF Managers Group LLC boosted its position in Bank of Hawaii by 18.2% during the fourth quarter. ETF Managers Group LLC now owns 1,602 shares of the bank’s stock worth $108,000 after purchasing an additional 247 shares during the period. Parallel Advisors LLC boosted its position in Bank of Hawaii by 26.5% during the fourth quarter. Parallel Advisors LLC now owns 1,206 shares of the bank’s stock worth $81,000 after purchasing an additional 253 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of Hawaii by 12.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,034 shares of the bank’s stock worth $204,000 after purchasing an additional 325 shares during the period. Finally, Bbva Compass Bancshares Inc. boosted its position in Bank of Hawaii by 2.3% during the fourth quarter. Bbva Compass Bancshares Inc. now owns 14,885 shares of the bank’s stock worth $1,002,000 after purchasing an additional 337 shares during the period. 75.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of BOH stock traded down $0.54 during mid-day trading on Wednesday, reaching $82.16. 762 shares of the company’s stock traded hands, compared to its average volume of 211,872. Bank of Hawaii Co. has a 12 month low of $63.64 and a 12 month high of $88.92. The stock has a market cap of $3.42 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.93 and a beta of 0.87. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11.
Bank of Hawaii announced that its board has authorized a share repurchase program on Monday, January 28th that allows the company to repurchase $130.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Vice Chairman Sharon M. Crofts sold 5,833 shares of the stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $79.62, for a total transaction of $464,423.46. Following the completion of the transaction, the insider now directly owns 48,778 shares in the company, valued at approximately $3,883,704.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.13% of the stock is currently owned by corporate insiders.
BOH has been the subject of a number of analyst reports. ValuEngine lowered shares of Bank of Hawaii from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Barclays reaffirmed a “hold” rating and issued a $85.00 target price on shares of Bank of Hawaii in a research note on Friday, January 11th. Finally, Zacks Investment Research raised shares of Bank of Hawaii from a “sell” rating to a “hold” rating in a research note on Wednesday, January 23rd. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $86.50.
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Bank of Hawaii Company Profile
Bank of Hawaii Corporation operates as the bank holding company for Bank of Hawaii that provides financial products and services in Hawaii, Guam, and other Pacific Islands. It operates through four segments: Retail Banking, Commercial Banking, Investment Services and Private Banking, and Treasury and Other.
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