3. Bank of Hawaii
Shares of 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. Interested in more on Bank of Hawaii? See TheStreet Ratings' report card for this stock.