Intel stock spikes after report of possible US government stake
Bank of Hawaii Corporation (NYSE:BOH), currently valued at $2.6 billion and showing a 20% return over the past year, disclosed today that its Vice Chair and Chief Financial Officer (CFO), Dean Y. Shigemura, will step down from his role as CFO effective June 30, 2025. According to InvestingPro analysis, the bank has maintained dividend payments for an impressive 54 consecutive years, demonstrating strong financial stability. Shigemura, 61, has been with the company for 26 years, having served in various capacities within the Finance Division, including Controller and Treasurer before becoming CFO.
Following his departure as CFO, Shigemura will take on the role of Internal Consultant for the bank, starting July 1, 2025, with an annual salary of $500,000. This consultancy position is set to last for one year. The transition comes as the bank maintains profitable operations, with InvestingPro data showing a healthy dividend yield of 4.3% and positive earnings forecasts for the upcoming year.
Bradley S. Satenberg, who is currently the Senior Executive Vice President and Deputy CFO, will succeed Shigemura as CFO. Satenberg, 54, joined Bank of Hawaii in July 2024, after serving as CFO for Luther Burbank (NASDAQ:LBC) Corporation’s Luther Burbank Savings.
The announcement is based on a press release statement and comes as part of a current report filed with the Securities and Exchange Commission. The filing also lists the company’s securities registered on the New York Stock Exchange, including its common stock (BOH), and depository shares for its Series A (BOH.PRA) and Series B (BOH.PRB) preferred stock. Investors should note that the bank’s next earnings report is scheduled for April 21, 2025, which will be a crucial event for assessing the transition’s impact.
This executive transition is part of the bank’s internal succession planning, ensuring a seamless changeover in the finance leadership. The bank has not provided additional details regarding the strategic reasons behind the transition or the future direction under the new CFO. Based on InvestingPro’s comprehensive analysis, which includes over 30 key metrics and multiple financial health indicators, the bank currently maintains a "Fair" overall financial health rating.
Bank of Hawaii Corporation, headquartered in Honolulu, is incorporated in Delaware and has been previously known as Pacific Century Financial Corp, Bancorp Hawaii Inc, and Hawaii Bancorporation Inc. The company’s fiscal year ends on December 31.
In other recent news, Bank of Hawaii Corporation reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an adjusted earnings per share (EPS) of $0.90, compared to the forecast of $0.84. However, the company’s revenue was slightly below expectations, coming in at $163.22 million against a projected $165.07 million. This marks a continuation of the bank’s trend of exceeding EPS forecasts, even when revenue falls short. DA Davidson has raised its price target for Bank of Hawaii to $79, citing improved net interest income outlooks and effective expense management as key factors. Piper Sandler also increased its price target to $68, maintaining an Underweight rating due to valuation concerns. The bank’s recent SEC filings reveal adjustments to executive compensation, including performance-based bonuses and stock grants, as part of its long-term incentive strategy. Bank of Hawaii’s management remains optimistic about future growth, with a focus on enhancing wealth management and commercial initiatives. These developments suggest a positive trajectory for the bank, despite the challenges of rising expenses and economic fluctuations.
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