Ellis Investment Partners LLC bought a new stake in shares of Bank of Hawaii Co. (NYSE:BOH) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 89,123 shares of the bank’s stock, valued at approximately $89,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of BOH. Vanguard Group Inc raised its position in shares of Bank of Hawaii by 3.3% in the third quarter. Vanguard Group Inc now owns 3,977,421 shares of the bank’s stock worth $313,859,000 after acquiring an additional 127,262 shares during the period. Stifel Financial Corp raised its position in shares of Bank of Hawaii by 5.5% in the fourth quarter. Stifel Financial Corp now owns 50,412 shares of the bank’s stock worth $3,406,000 after acquiring an additional 2,619 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Bank of Hawaii by 4.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,669 shares of the bank’s stock worth $718,000 after acquiring an additional 473 shares during the period. First American Bank raised its position in shares of Bank of Hawaii by 5.9% in the fourth quarter. First American Bank now owns 40,041 shares of the bank’s stock worth $2,696,000 after acquiring an additional 2,242 shares during the period. Finally, Millennium Management LLC raised its position in shares of Bank of Hawaii by 1,239.0% in the fourth quarter. Millennium Management LLC now owns 66,238 shares of the bank’s stock worth $4,459,000 after acquiring an additional 61,291 shares during the period. Institutional investors own 75.83% of the company’s stock.
In related news, Vice Chairman Sharon M. Crofts sold 5,833 shares of the company’s stock in a transaction dated Wednesday, February 6th. The shares were 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 owns 48,778 shares in the company, valued at approximately $3,883,704.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.13% of the stock is owned by corporate insiders.
Bank of Hawaii (NYSE:BOH) last released its quarterly earnings results on Monday, April 22nd. The bank reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. Bank of Hawaii had a net margin of 30.64% and a return on equity of 17.81%. The firm had revenue of $168.52 million during the quarter, compared to the consensus estimate of $166.51 million. During the same quarter in the prior year, the firm earned $1.28 EPS. On average, sell-side analysts expect that Bank of Hawaii Co. will post 5.58 earnings per share for the current fiscal year.
Bank of Hawaii declared that its board has authorized a stock repurchase program on Monday, January 28th that authorizes the company to buyback $130.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Thursday, May 30th. This is an increase from Bank of Hawaii’s previous quarterly dividend of $0.62. Bank of Hawaii’s dividend payout ratio is 47.42%.
BOH has been the subject of a number of analyst reports. ValuEngine downgraded shares of Bank of Hawaii from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Barclays reiterated a “hold” rating and issued a $85.00 price objective on shares of Bank of Hawaii in a research report on Friday, January 11th. Zacks Investment Research upgraded shares of Bank of Hawaii from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. Finally, Compass Point downgraded shares of Bank of Hawaii from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $83.00 to $82.00 in a research report on Monday, April 22nd. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Bank of Hawaii has an average rating of “Hold” and a consensus target price of $85.60.
Bank of Hawaii 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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