Bank of Hawaii Hits New 52-Week High - Analyst Blog


Shares of Bank of Hawaii Corporation ( BOH ) crafted a new 52-week high, touching $59.39 in the first half of the trading session on Nov 8. However, the stock closed the session at $59.17, which reflects a solid year-to-date return of 33.1%. The trading volume for the session was 222,434 shares.

Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock has plenty of upside left, given its strong estimate revisions over the last 30 days and expected long-term earnings growth of 7.3%.

Growth Drivers

Impressive third-quarter 2013 results - including a positive earnings surprise of 1.19% and significant improvement in the credit quality - as well as a strong capital position were the primary growth drivers for Bank of Hawaii.

On Oct 28, Bank of Hawaii reported its third-quarter 2013 earnings of 85 cents per share, beating the Zacks Consensus Estimate by a penny. However, results were below the prior-year quarter earnings of 92 cents.

A year-over-year decline of 2.2% in non-interest expense and a substantial rise in deposits and loans were the tailwinds for the quarter. Moreover, the company's capital ratios reflect its strong position. However, a 2.9% dip in net interest income and 6.1% fall in non-interest income acted as headwinds for the quarter.

Estimate Revisions Show Potency

Over the last 30 days, 4 out of 9 estimates for 2013 have been revised upward, lifting the Zacks Consensus Estimate by 0.3% to $3.37 per share. For 2014, 6 out of 9 estimates moved north, helping the Zacks Consensus Estimate advance 1.7% to $3.53 per share.

Some better performing North-West banks include Cascade Bancorp ( CACB ), Glacier Bancorp Inc. ( GBCI ) and Preferred Bank ( PFBC ). All these companies carry a Zacks Rank #1 (Strong Buy).

BANK OF HAWAII (BOH): Free Stock Analysis Report

CASCADE BANCORP (CACB): Free Stock Analysis Report

GLACIER BANCORP (GBCI): Free Stock Analysis Report

PREFERRED BANK (PFBC): Free Stock Analysis Report

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Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: BOH , CACB , GBCI , PFBC

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