State of Alaska Department of Revenue Reduces Holdings in Bank of Hawaii

On November 4th, 2024, it was reported that the State of Alaska Department of Revenue has decreased its investment in Bank of Hawaii Co. (NYSE:BOH) by 2.7% during the third quarter of the year. According to the latest Form 13F that the department filed with the Securities and Exchange Commission (SEC), it now holds 22,673 shares of the bank's stock. This reduction happened after the department sold 634 shares in that period. As a result, their ownership in Bank of Hawaii is now valued at approximately $1,423,000, which accounts for 0.06% of the company.

Other institutional investors have also made adjustments to their stakes in Bank of Hawaii. Point72 Asia Singapore Pte. Ltd. acquired new holdings in the bank during the second quarter, investing about $106,000. Similarly, Point72 DIFC Ltd also took a new position worth around $119,000. UMB Bank n.a. significantly increased its investment by 5,508.3% in the third quarter, acquiring 2,692 shares valued at $169,000 after purchasing an additional 2,644 shares. Rothschild Investment LLC made a new investment in Bank of Hawaii worth $172,000 in the second quarter, while Cadinha & Co. LLC invested $218,000 in the third quarter. Currently, 82.18% of the bank's stock is held by institutional investors and hedge funds.

Current Stock Performance of Bank of Hawaii

On the trading day of the report, Bank of Hawaii's shares opened at $72.37. The stock has shown a 50-day simple moving average of $65.55 and a 200-day simple moving average of $62.20. Over the past twelve months, the share price has fluctuated between a low of $51.07 and a high of $75.19. Notably, the bank has a market capitalization of $2.88 billion, a price-to-earnings (P/E) ratio of 21.73, and a price-to-earnings growth (P/E/G) ratio of 7.61. The company also exhibits a beta of 1.02, indicating its volatility in the market.

Recently, Bank of Hawaii announced its quarterly earnings. On October 28th, the bank reported earnings of $0.93 per share for the quarter, which surpassed the consensus estimate of $0.82 by $0.11. This performance comes off a net margin of 13.76% and a return on equity of 11.33%. The company reported revenue of $265.76 million for the quarter, significantly higher than the market consensus of $160.29 million and compared to $1.17 earnings per share during the same quarter last year. Analysts estimate that Bank of Hawaii will record an earnings per share (EPS) of 3.57 for the current fiscal year.

Dividend Announcement by Bank of Hawaii

In a recent development, Bank of Hawaii declared a quarterly dividend of $0.70 per share, set to be paid on December 13th to shareholders who are on record by November 29th. This dividend translates to an annual yield of 3.87%, with a total annualized dividend of $2.80. The ex-dividend date was October 29th. The bank maintains a dividend payout ratio (DPR) of 84.08%.

Insider Activity at Bank of Hawaii

In insider trading news, on October 30th, insider Matthew Emerson sold 1,355 shares of the company. The shares were sold at an average price of $72.27, bringing the total transaction amount to approximately $97,926. After this sale, Emerson owns about 13,717 shares in the bank, valued at around $991,328. Following this transaction, Emerson’s overall stake in the company saw no significant change. Company insiders currently own 2.11% of Bank of Hawaii's stock.

Analyst Ratings and Market Outlook

Recent analyses from various research firms have led to changes in the ratings for Bank of Hawaii stock. Barclays raised its target price for Bank of Hawaii from $50 to $56, assigning an "underweight" rating in a note dated October 29th. Meanwhile, Keefe, Bruyette & Woods increased their price target from $67 to $74, maintaining a "market perform" rating. Piper Sandler lifted their target from $61 to $66, while DA Davidson adjusted their price objective from $65 to $74, assigning a "neutral" grade. Currently, three analysts rate the stock as a sell, while three others suggest holding it. Data from MarketBeat indicates a consensus rating of "Hold" with a target price of $64.80.

About Bank of Hawaii

Bank of Hawaii Corporation functions as the bank holding company for Bank of Hawaii, providing various financial products and services in Hawaii, Guam, and other Pacific Islands. Its operations are categorized into three segments: Consumer Banking, Commercial Banking, and Treasury & Other. The Consumer Banking segment includes checking and savings accounts, mortgage loans, credit cards, and trust services among others. The bank aims to deliver innovative financial solutions to individuals and businesses across its market regions.

Alaska, Bank, Investors