Wedge Capital Management L L P NC cut its stake in Bank of Hawaii Co. (NYSE:BOH) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,543 shares of the bank’s stock after selling 157 shares during the period. Wedge Capital Management L L P NC’s holdings in Bank of Hawaii were worth $437,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BOH. Stifel Financial Corp boosted its holdings in shares of Bank of Hawaii by 5.5% during the 4th quarter. Stifel Financial Corp now owns 50,412 shares of the bank’s stock worth $3,406,000 after buying an additional 2,619 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Bank of Hawaii by 4.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 10,669 shares of the bank’s stock worth $718,000 after buying an additional 473 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Bank of Hawaii by 1,239.0% during the 4th quarter. Millennium Management LLC now owns 66,238 shares of the bank’s stock worth $4,459,000 after buying an additional 61,291 shares in the last quarter. First American Bank boosted its holdings in shares of Bank of Hawaii by 5.9% during the 4th quarter. First American Bank now owns 40,041 shares of the bank’s stock worth $2,696,000 after buying an additional 2,242 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Bank of Hawaii by 52,179.8% during the 4th quarter. FMR LLC now owns 337,205 shares of the bank’s stock worth $22,700,000 after buying an additional 336,560 shares in the last quarter. Institutional investors and hedge funds own 76.40% of the company’s stock.

In related news, Vice Chairman James C. Polk sold 6,176 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $80.82, for a total value of $499,144.32. Following the transaction, the insider now directly owns 31,291 shares in the company, valued at approximately $2,528,938.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.13% of the stock is owned by company insiders.

Shares of BOH traded up $1.69 during trading hours on Thursday, reaching $80.48. The stock had a trading volume of 971 shares, compared to its average volume of 240,770. Bank of Hawaii Co. has a 12 month low of $63.64 and a 12 month high of $88.92. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.26 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.90 and a beta of 0.87.

Bank of Hawaii (NYSE:BOH) last issued its earnings results on Monday, April 22nd. The bank reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. Bank of Hawaii had a return on equity of 17.81% and a net margin of 30.64%. The company had revenue of $168.52 million for the quarter, compared to analysts’ expectations of $166.51 million. During the same period last year, the business earned $1.28 EPS. On average, analysts expect that Bank of Hawaii Co. will post 5.59 EPS for the current year.

Bank of Hawaii declared that its Board of Directors has initiated a share repurchase program on Monday, January 28th that permits the company to repurchase $130.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.65 dividend. This is a boost from Bank of Hawaii’s previous quarterly dividend of $0.62. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, May 30th. Bank of Hawaii’s dividend payout ratio (DPR) is currently 47.42%.

A number of research firms have issued reports on BOH. Zacks Investment Research cut Bank of Hawaii from a “buy” rating to a “hold” rating in a report on Monday, April 1st. ValuEngine upgraded Bank of Hawaii from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. Finally, Compass Point cut Bank of Hawaii from a “buy” rating to a “neutral” rating and cut their price target for the stock from $83.00 to $82.00 in a report on Monday, April 22nd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Bank of Hawaii presently has a consensus rating of “Hold” and an average price target of $85.60.

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About Bank of Hawaii

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.

Further Reading: Fundamental Analysis and Individual Investors

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Institutional Ownership by Quarter for Bank of Hawaii (NYSE:BOH)

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