Bank of Hawaii's Margin Is 'Nearing Bottom': Analysts Explore Disappointing Q1 Results, Outlook
Bank of Hawaii's Margin Is 'Nearing Bottom': Analysts Explore Disappointing Q1 Results, Outlook
Bank of Hawaii Corp (NYSE:BOH) reported disappointing revenues and earnings for the first quarter.
夏威夷银行公司(纽约证券交易所代码:BOH)公布的第一季度收入和收益令人失望。
Here are some key analyst takeaways from the most recent first-quarter earnings report:
以下是分析师从最新的第一季度财报中得出的一些主要结论:
- Keefe, Bruyette & Woods analyst Kelly Motta reiterated an Underperform rating, while raising the price target from $55 to $58.
- Piper Sandler analyst Andrew Liesch maintained a Neutral rating, while cutting the price target from $65 to $60.
- Keefe、Bruyette & Woods分析师凯利·莫塔重申了表现不佳的评级,同时将目标股价从55美元上调至58美元。
- 派珀·桑德勒分析师安德鲁·利施维持中性评级,同时将目标股价从65美元下调至60美元。
Check out other analyst stock ratings.
查看其他分析师股票评级。
Keefe, Bruyette & Woods: Bank of Hawaii missed its NII (net interest income) margin guidance for the first quarter (Q1).
Keefe、Bruyette & Woods:夏威夷银行未达到其第一季度(第一季度)的NII(净利息收入)利润率指导。
It contracted sequentially by 2 basis points (bps) amid "a higher-for-longer environment," Motta said. That the contraction came against the guidance of an expansion of 2 to 4 bps.
莫塔说,在 “长期走高的环境” 下,它连续收缩了2个基点(基点)。收缩与扩张2至4个基点的指导背道而驰。
"Softer NII was offset by well-controlled expenses and strength in fees to drive a PPNR beat, and asset quality remains among the best in the group," the analyst wrote. "Management continues to evaluate expenses, which they now project to grow 1-2% in 2024E (BETTER than 2-2.5% previously)."
该分析师写道:“疲软的NII被控制良好的支出和强劲的费用所抵消,以推动PPNR的增长,资产质量仍然是该集团中最好的资产质量之一。”“管理层继续评估支出,他们现在预计支出将在2024年增长1-2%(好于之前的2-2.5%)。”
Piper Sandler: Although Bank of Hawaii's net interest margin contracted by 2bps to 2.11%, missing expectations, "we think the margin is nearing a bottom," Liesch said. While management indicated that deposit costs were rising by around 11 bps per month through most 2023, "this trend has slowed to roughly 2 bps/month since last November," he added.
派珀·桑德勒:利施说,尽管夏威夷银行的净利率收缩了2个基点至2.11%,未达到预期,但 “我们认为利润率已接近谷底。”尽管管理层表示,到2023年大部分时间,存款成本每月上涨约11个基点,但 “自去年11月以来,这一趋势已放缓至每月约2个基点,” 他补充说。
"Of note, Bank of Hawaii has $3.0 billion of cash flows from maturing loans and securities annually that it can redeploy into higher yielding assets, and this dynamic is expected to generate approximately $5 million of additional interest income per quarter, all else equal," the analyst further wrote.
该分析师进一步写道:“值得注意的是,夏威夷银行每年有30亿美元的到期贷款和证券现金流可以重新部署到收益率更高的资产中,这种动态预计每季度将产生约500万美元的额外利息收入,其他条件相等。”
BOH Price Action: Shares of Bank of Hawaii had risen by 0.15% to $58.50 at the time of publication on Tuesday.
BOH价格走势:在周二公布时,夏威夷银行的股价上涨了0.15%,至58.50美元。
Image: Shutterstock
图片:Shutterstock