Massachusetts Financial Services Co. MA Sells 242,249 Shares of Bank of Hawaii Co. (NYSE:BOH)

Massachusetts Financial Services Co. MA reduced its position in Bank of Hawaii Co. (NYSE:BOH) by 60.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 156,333 shares of the bank’s stock after selling 242,249 shares during the period. Massachusetts Financial Services Co. MA owned 0.39% of Bank of Hawaii worth $8,944,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its stake in Bank of Hawaii by 299.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 44,694 shares of the bank’s stock valued at $2,788,000 after acquiring an additional 33,495 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Bank of Hawaii by 105.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 451,528 shares of the bank’s stock worth $32,718,000 after buying an additional 231,909 shares during the last quarter. SG Americas Securities LLC acquired a new position in Bank of Hawaii during the 1st quarter valued at about $696,000. TIAA Trust National Association purchased a new stake in Bank of Hawaii in the first quarter valued at about $2,357,000. Finally, Vanguard Group Inc. boosted its holdings in Bank of Hawaii by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 4,650,102 shares of the bank’s stock worth $336,946,000 after acquiring an additional 87,919 shares in the last quarter. Hedge funds and other institutional investors own 82.18% of the company’s stock.

Bank of Hawaii Trading Down 3.1 %

NYSE BOH opened at $63.93 on Friday. Bank of Hawaii Co. has a 1 year low of $45.56 and a 1 year high of $75.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $2.54 billion, a PE ratio of 16.48 and a beta of 1.05. The company has a fifty day moving average of $65.70 and a 200 day moving average of $61.09.

Bank of Hawaii (NYSE:BOH) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $255.62 million during the quarter, compared to analyst estimates of $157.12 million. Bank of Hawaii had a net margin of 14.54% and a return on equity of 12.25%. During the same period last year, the firm earned $1.12 EPS. Research analysts forecast that Bank of Hawaii Co. will post 3.45 earnings per share for the current year.

Bank of Hawaii Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, August 30th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.38%. Bank of Hawaii’s payout ratio is 72.16%.

Insider Activity

In related news, insider Taryn L. Salmon sold 2,364 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $67.80, for a total transaction of $160,279.20. Following the sale, the insider now owns 10,785 shares in the company, valued at $731,223. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.11% of the company’s stock.

Analyst Upgrades and Downgrades

BOH has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Bank of Hawaii from $58.00 to $60.00 and gave the company an “underperform” rating in a research report on Tuesday, July 23rd. Piper Sandler downgraded shares of Bank of Hawaii from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $70.00 to $61.00 in a research note on Monday, August 12th. StockNews.com raised shares of Bank of Hawaii to a “sell” rating in a report on Thursday, May 30th. Jefferies Financial Group raised their target price on Bank of Hawaii from $53.00 to $54.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, DA Davidson boosted their price target on Bank of Hawaii from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $59.00.

Bank of Hawaii Company Profile

Bank of Hawaii Corporation operates as the bank holding company for Bank of Hawaii that provides various financial products and services in Hawaii, Guam, and other Pacific Islands. It operates in three segments: Consumer Banking, Commercial Banking, and Treasury and Other. The Consumer Banking segment offers checking, savings, and time deposit accounts; residential mortgage loans, home equity lines of credit, automobile loans and leases, overdraft lines of credit, installment loans, small business loans and leases, and credit cards; private and international client banking, investment, credit, and trust services to individuals and families, as well as high-net-worth individuals; investment management; institutional investment advisory services to corporations, government entities, and foundations; and brokerage offerings, including equities, mutual funds, life insurance, and annuity products.