3. Bank of Hawaii
Bank of Hawaii
(BOH - Get Report)
of Honolulu closed at $44.22 Monday, returning 1% year-to-date, after a 2% decline during 2011. Based on a quarterly dividend of 45 cents, the shares have a yield of 4.07%.
The shares trade for 2.1 times tangible book value, and for 12 times the consensus 2013 EPS estimate of $3.56. The consensus 2012 EPS estimate is $3.54.
Bank of Hawaii had $13.8 billion in total assets as of March 31, and earned $43.8 million, or 95 cents a share during the first quarter, increasing from $39.3 million, or 85 cents a share the previous quarter, and $42.4 million, or 88 cents a share, a year earlier. The first-quarter dividend payout ratio was 47%.
The first-quarter ROA increased to 1.29% from 1.17% in the fourth quarter, and 1.32% during the first quarter of 2011.
The company repurchased 638,800 shares during the first quarter, for $30 million, and was authorized to buy back another $44 million worth of shares, as of March 31.
RBC Capital Markets analyst Joe Morford rates Bank of Hawaii "Outperform," with a $53 price target, and said in April after the company reported its first-quarter results that in addition to "a stronger margin and a lower provision, as well as leveraged lease sale gains and related tax credits, which together added ~$0.10/share" in earnings, "other highlights in the quarter included decent loan growth, well controlled expenses, and stronger fees led by mortgage banking."
Morford estimates that Bank of Hawaii will earn $3.45 a share this year and also during 2013.
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