Territorial Bancorp (NASDAQ:TBNK) Raised to “Buy” at Zacks Investment Research

Territorial Bancorp (NASDAQ:TBNK) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage currently has a $32.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.27% from the stock’s previous close.

According to Zacks, “Territorial Bancorp, Inc. intends to operate as the bank holding company for Territorial Savings Bank, a federally chartered, FDIC-insured savings bank, which provides financial services to individuals, families, and businesses. Territorial Savings Bank accepts deposits; originates home equity loans and lines of credit, construction, commercial and other non-residential real estate loans, consumer loans, multi-family mortgage loans, and other loans; offers various deposit accounts, including passbook and statement savings accounts, certificates of deposit, money market accounts, commercial and regular checking accounts, and Super NOW accounts; engages in insurance agency activities; and provides various non-deposit investments, such as annuities and mutual funds through a third-party broker-dealer. Territorial Bancorp, Inc. is based in Honolulu, Hawaii with banking offices located throughout the State of Hawaii. “

Other analysts have also issued research reports about the company. Raymond James upgraded Territorial Bancorp from an “underperform” rating to a “market perform” rating in a report on Monday, July 29th. BidaskClub lowered Territorial Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 11th.

NASDAQ TBNK traded up $0.01 during midday trading on Thursday, hitting $28.76. 5,053 shares of the company traded hands, compared to its average volume of 10,206. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $277.25 million, a P/E ratio of 14.17 and a beta of 0.57. The firm has a 50-day simple moving average of $29.10. Territorial Bancorp has a 52 week low of $24.96 and a 52 week high of $31.44.

Territorial Bancorp (NASDAQ:TBNK) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.50 by $0.04. Territorial Bancorp had a return on equity of 8.88% and a net margin of 25.94%. The firm had revenue of $15.94 million during the quarter, compared to analyst estimates of $15.70 million. As a group, research analysts anticipate that Territorial Bancorp will post 2.23 EPS for the current year.

In other news, General Counsel Vernon Hirata sold 2,488 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $27.73, for a total transaction of $68,992.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Ralph Y. Nakatsuka sold 5,025 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $28.63, for a total value of $143,865.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,504 shares of company stock valued at $914,939. Company insiders own 10.80% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its stake in Territorial Bancorp by 514.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,629 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 1,364 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in Territorial Bancorp in the 4th quarter worth $75,000. MetLife Investment Advisors LLC purchased a new position in Territorial Bancorp in the 4th quarter worth $103,000. Aperio Group LLC purchased a new position in Territorial Bancorp in the 2nd quarter worth $150,000. Finally, Bank of America Corp DE raised its stake in Territorial Bancorp by 61.7% in the 4th quarter. Bank of America Corp DE now owns 10,693 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 4,080 shares during the last quarter. Institutional investors own 45.50% of the company’s stock.

About Territorial Bancorp

Territorial Bancorp, Inc operates as the bank holding company for Territorial Savings Bank, which provides financial services to individuals, families, and businesses in Hawaii. Its business consists primarily of accepting deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in one- to four-family residential mortgage loans and investment securities.

Read More: How is the discount rate different from the Federal Funds rate?

Get a free copy of the Zacks research report on Territorial Bancorp (TBNK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Territorial Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Territorial Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.