3. Bank of Hawaii Shares of Bank of Hawaii ( BOH) 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.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.