Millennium Management LLC Sells 193,541 Shares of Bank of Hawaii Co. (NYSE:BOH)

Millennium Management LLC reduced its stake in shares of Bank of Hawaii Co. (NYSE:BOH) by 48.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 207,212 shares of the bank’s stock after selling 193,541 shares during the period. Millennium Management LLC owned approximately 0.52% of Bank of Hawaii worth $11,855,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BOH. State Board of Administration of Florida Retirement System lifted 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 worth $2,788,000 after purchasing an additional 33,495 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Bank of Hawaii by 105.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 451,528 shares of the bank’s stock worth $32,718,000 after purchasing an additional 231,909 shares during the last quarter. SG Americas Securities LLC bought a new stake in Bank of Hawaii in the first quarter worth $696,000. TIAA Trust National Association bought a new stake in Bank of Hawaii in the first quarter worth $2,357,000. Finally, Vanguard Group Inc. lifted its stake 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 purchasing an additional 87,919 shares during the last quarter. 82.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on BOH shares. Piper Sandler cut shares of Bank of Hawaii from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $70.00 to $61.00 in a research report on Monday, August 12th. DA Davidson boosted their price objective on shares of Bank of Hawaii from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Jefferies Financial Group boosted their price objective on shares of Bank of Hawaii from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of Hawaii from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $60.00 to $67.00 in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $60.40.

Insiders Place Their Bets

In other Bank of Hawaii news, insider Taryn L. Salmon sold 2,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $67.80, for a total value of $160,279.20. Following the sale, the insider now owns 10,785 shares in the company, valued at approximately $731,223. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.11% of the company’s stock.

Bank of Hawaii Price Performance

Shares of NYSE BOH opened at $62.84 on Tuesday. 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’s 50-day moving average is $64.72 and its 200 day moving average is $61.21. The stock has a market capitalization of $2.49 billion, a P/E ratio of 16.20 and a beta of 1.05.

Bank of Hawaii (NYSE:BOH) last announced its quarterly earnings results 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 for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $1.12 EPS. On average, sell-side analysts expect that Bank of Hawaii Co. will post 3.45 earnings per share for the current year.

Bank of Hawaii Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend was Friday, August 30th. Bank of Hawaii’s dividend payout ratio (DPR) is presently 72.16%.

About Bank of Hawaii

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.