Bank of Hawaii Corporation
) crafted a new 52-week high, touching $61.36 on Mar 24. However,
the stock closed the session at $60.49, reflecting a solid return
of 24.4% in a one-year period. The trading volume for the session
was 214,075 shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy)
stock has plenty of upside left, given the strong estimate
revisions it witnessed over the past 60 days. Further, the
long-term expected earnings per share growth rate for this
regional bank now stands at 7.33%.
Impressive fourth-quarter 2013 results, including continuously
improving commercial segment, higher net interest income and
prudent expense management, and efficient capital deployment
strategies primarily drove the stock price.
On Jan 27, Bank of Hawaii reported fourth-quarter 2013 earnings
of 88 cents per share, beating the Zacks Consensus Estimate by
2.3%. This was, however, below the prior-year quarter figure of
For full-year 2013, Bank of Hawaii's net interest income was
recorded at $92.1 million, up 2.0% year over year. As on Dec 31,
2013, total deposits increased to $11.91 billion, up from $11.61
billion as of Sep 30, 2013, and $11.53 billion as of Dec 31,
Driven by strong deposit growth, the fourth-quarter investment
portfolio increased to $6.99 billion from $6.91 billion as of Sep
30, 2013 and $6.96 billion as of Dec 31, 2012.
On the downside, decline in non-interest income led to a fall in
revenues. The decline was due to lower mortgage banking revenues,
which totaled $2.8 million in the fourth quarter, down from $11.3
million in the year-ago quarter.
Estimate Revisions Show Potency
Over the last 60 days, the Zacks Consensus Estimate for 2014
advanced 2.5% to $3.66 per share. For 2015, the Estimate moved up
around 3.4% to $3.95 per share.
Some better-ranked stocks in this space include
Central Valley Community Bancorp
Summit State Bank
). All of these carry a Zacks Rank #1 (Strong Buy).
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