In a recent transaction, Taryn L. Salmon, Vice Chair of Bank of Hawaii Corp (NYSE:BOH), sold a total of 2,364 shares of the company's common stock. The shares were sold at a price of $67.8 each, amounting to a total value of over $160,279.
The sale, which took place on July 25, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the transaction, Salmon's remaining holdings in Bank of Hawaii Corp amount to 10,785 shares of common stock.
The transaction comes as part of the regular financial disclosures required by company executives and insiders. Such sales and purchases are closely watched by investors for insights into the confidence levels of a company's management in the firm's prospects.
Bank of Hawaii Corp, with its headquarters in Honolulu, Hawaii, operates as a regional financial institution offering banking services primarily in the state of Hawaii and the Pacific Islands.
Investors and market watchers often monitor the buying and selling activity of company executives as it can provide a window into their perspective on the company's future performance. However, it is important to note that there can be various reasons for an executive to sell stock, and such transactions do not always signal a change in the company's outlook.
The details of the sale are publicly available and provide transparency into the actions of Bank of Hawaii Corp's executives, ensuring that shareholders and potential investors have access to the same information.
In other recent news, Bank of Hawaii reported a net income of $36.4 million with earnings per share of $0.87 for Q1 2024, alongside a consistent non-interest income of $42.3 million. The bank has also announced a $165 million preferred equity raise with an 8% coupon, anticipated to bolster its Tier 1 and Total capital ratios, despite an expected 9% reduction in earnings per share. Analyst firms have reacted with varied outlooks; Piper Sandler raised the price target to $70, citing an improved margin outlook, higher fee income forecast, and decreased expense outlook. Conversely, Jefferies lowered its price target to $53 in response to the equity raise. Keefe, Bruyette & Woods maintained an Underperform rating but increased their price target to $60, noting signs of improvement in the bank's net interest margin and solid fee income. These developments reflect the evolving financial landscape for Bank of Hawaii.
InvestingPro Insights
Bank of Hawaii Corp (NYSE:BOH) has been a fixture in the regional financial landscape, with a commitment to dividend reliability that is reflected in its impressive streak of 53 consecutive years of dividend payments. This level of consistency is a testament to the company’s financial management and could be a reassuring factor for investors seeking stable income streams.
On the performance front, InvestingPro data indicates a strong return over the last month, with a 21.36% increase, and an 18.5% return over the last three months. These figures suggest a positive short-term trend in the company's stock performance, aligning with the overall market's reception of Bank of Hawaii Corp's financial health and business strategy.
Despite some challenges noted by InvestingPro Tips, such as weak gross profit margins and an expected drop in net income this year, the company has managed to maintain its profitability over the last twelve months. Moreover, analysts predict that the company will remain profitable this year, which could provide some level of assurance to investors amidst the concerns.
In terms of valuation, the company's current P/E ratio stands at 19.32, with a slight adjustment in the last twelve months as of Q2 2024 to 19.46. While the PEG ratio is currently negative at -0.66, indicating potential concerns over future earnings growth, the company's price/book ratio of 2.16 suggests that the stock may be reasonably valued in relation to its net assets.
For those considering an investment in Bank of Hawaii Corp, or current shareholders looking to deepen their analysis, there are 8 additional InvestingPro Tips available at InvestingPro. To access these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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