FBP - Another Downgrade For Bank Of Hawaii

2024-06-17 16:03:58 ET

Summary

• Bank of Hawaii's stock has dropped 13.7% while the S&P 500 has risen 9%.
• The bank has seen declines in deposits, loans, securities, and cash, resulting in a decrease in net interest income.
• The stock is trading at a higher price-to-earnings multiple compared to other banks, and its assets are not demonstrating high quality.

Every investor has certain strengths and certain weaknesses. One of my weaknesses is that sometimes I can give a company a little more credit than it probably deserves. A good example of this can be seen by looking at Bank of Hawaii ( BOH ), a bank that, obviously, gets much of its business from Hawaii. Back in January of this year, I downgraded the stock to a ‘hold’ rating from the ‘buy’ rating that I had on the stock leading up to that point. This was after seeing shares spike 38.5% compared to the 19.5% rise seen by the S&P 500 since I had written about the company previously in March of 2023....

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