The State of New Jersey Common Pension Fund D has increased its holdings in Bank of Hawaii Co by 9.2% during the first quarter. According to the disclosure filed with the Securities & Exchange Commission, the fund now owns 31,186 shares of the bank’s stock, having purchased an additional 2,634 shares during the quarter. At the time of its latest SEC filing, the fund’s stake in Bank of Hawaii was valued at $1,624,000.
The Fund D’s move reflects a notable increase in its confidence in Bank of Hawaii’s performance and growth potential. But, it is not the only institutional investor showing interest in the bank. Eagle Bay Advisors LLC impressively raised its position in Bank of Hawaii during the first quarter, now owning 623 shares valued at $32,000, a incredible increase of 5,563.6%.
Meanwhile, Ceredex Value Advisors LLC also boosted its stake in Bank of Hawaii by 66.3%, now holding 236,158 shares valued at $12,299,000.
The interest from institutional investors is likely fueled by the bank’s overall positive performance in a challenging economic climate. The bank’s focus on consumer and commercial banking, coupled with investment and trust services, has proven valuable in serving individuals, families, and high-net-worth clients across Hawaii, Guam, and other Pacific Islands.
Insiders’ actions further add to the optimism surrounding the bank. Director Kent Thomas Lucien and Director Alicia E. Moy both acquired shares of Bank of Hawaii’s stock in separate transactions, demonstrating their confidence in the bank’s future prospects.
Wall Street analysts have expressed mixed opinions on Bank of Hawaii’s potential. Keefe, Bruyette & Woods lowered its price objective for the bank, while StockNews.com upgraded it to a “sell” rating. Despite this diversity of views, the consensus remains a “Hold” rating, with a consensus price target of $54.25.
Shares of Bank of Hawaii currently trade at $53.69 [53.69 USD;−0.20 (0.37%); 21 Jul, 16:00 GMT-4], with a 1-year low of $30.83 and a 1-year high of $85.45. The bank’s market capitalization stands at $2.13 billion, and it boasts a price-earnings ratio of 10.13, making it an attractive option for investors seeking value opportunities.
Bank of Hawaii recently reported earnings for the first quarter, with earnings per share coming in at $1.14, slightly below analysts’ estimates. However, the bank’s return on equity and net margin remain strong at 19.01% and 26.90%, respectively, indicating the bank’s resilience amid market fluctuations.
