Bank of Hawaii Corporation
) 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
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
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
Some better performing North-West banks include
Glacier Bancorp Inc.
). All these companies carry a Zacks Rank #1 (Strong Buy).
BANK OF HAWAII (BOH): Free Stock Analysis
CASCADE BANCORP (CACB): Free Stock Analysis
GLACIER BANCORP (GBCI): Free Stock Analysis
PREFERRED BANK (PFBC): Free Stock Analysis
To read this article on Zacks.com click here.