Wunderlich Securities Reiterates Its Buy On Bank Of Hawaii Corp. Following Recent Earnings

Wunderlich reiterates its Buy rating on Bank of Hawaii Corporation BOH and its $55 price target. BOH reported EPS for 1Q11 of $0.88, beating the entire range of analysts' estimates, including its $0.75 estimate and consensus of $0.72. Even after excluding a $6.1 million pretax securities gain, Wunderlich estimates core EPS of $0.80, which still beat the highest analyst estimate of $0.78 for the first quarter of 2011. Asset quality remained among the best in the entire country, with sequential improvements in NPAs, NPLs and NCOs. BOH is likely to continue driving above-average returns that are steady, predictable, and repeatable for the foreseeable future. Bank of Hawaii's regulatory capital ratios are all well in excess of the minimums to be considered well-capitalized as of March 31, 2011. During the quarter, BOH repurchased 442,500 shares totaling $20.8 million, and another 92,500 shares subsequent to quarter end through mid-April. The share repurchase, along with dividends, is consistent with the company's stated goals of returning internally generated capital to shareholders. BOH closed Monday at $47.39