Zacks Investment Research Downgrades Territorial Bancorp Inc. (TBNK) to Hold
Territorial Bancorp Inc. (NASDAQ:TBNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Territorial Bancorp, Inc. intends to operate as the bank holding company for Territorial Savings Bank, a federally chartered, FDIC-insured savings bank, which provides financial services to individuals, families, and businesses. Territorial Savings Bank accepts deposits; originates home equity loans and lines of credit, construction, commercial and other non-residential real estate loans, consumer loans, multi-family mortgage loans, and other loans; offers various deposit accounts, including passbook and statement savings accounts, certificates of deposit, money market accounts, commercial and regular checking accounts, and Super NOW accounts; engages in insurance agency activities; and provides various non-deposit investments, such as annuities and mutual funds through a third-party broker-dealer. Territorial Bancorp, Inc. is based in Honolulu, Hawaii with banking offices located throughout the State of Hawaii. “
Separately, Keefe, Bruyette & Woods increased their target price on Territorial Bancorp from $26.00 to $27.00 and gave the stock a “market perform” rating in a research report on Monday, August 1st.
Territorial Bancorp (NASDAQ:TBNK) traded up 0.17% during trading on Wednesday, hitting $28.85. The stock had a trading volume of 3,540 shares. Territorial Bancorp has a 12-month low of $24.87 and a 12-month high of $29.44. The stock’s 50 day moving average price is $28.59 and its 200 day moving average price is $26.93. The firm has a market cap of $261.12 million, a P/E ratio of 17.59 and a beta of 0.24.
Territorial Bancorp (NASDAQ:TBNK) last issued its earnings results on Friday, July 29th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. Territorial Bancorp had a return on equity of 6.86% and a net margin of 21.86%. On average, analysts anticipate that Territorial Bancorp will post $1.73 EPS for the current fiscal year.
In related news, Chairman Allan S. Kitagawa sold 13,088 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $28.49, for a total value of $372,877.12. Following the completion of the sale, the chairman now directly owns 109,212 shares in the company, valued at approximately $3,111,449.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Vernon Hirata sold 7,000 shares of the stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $29.03, for a total value of $203,210.00. Following the completion of the sale, the general counsel now owns 55,538 shares of the company’s stock, valued at $1,612,268.14. The disclosure for this sale can be found here. 9.80% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its stake in shares of Territorial Bancorp by 3.3% in the first quarter. Renaissance Technologies LLC now owns 440,200 shares of the financial services provider’s stock valued at $11,472,000 after buying an additional 13,900 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Territorial Bancorp by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 374,481 shares of the financial services provider’s stock valued at $9,912,000 after buying an additional 17,566 shares in the last quarter. Maltese Capital Management LLC increased its stake in shares of Territorial Bancorp by 2.6% in the second quarter. Maltese Capital Management LLC now owns 293,405 shares of the financial services provider’s stock valued at $7,766,000 after buying an additional 7,454 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Territorial Bancorp by 2.6% in the second quarter. Vanguard Group Inc. now owns 291,931 shares of the financial services provider’s stock valued at $7,727,000 after buying an additional 7,392 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Territorial Bancorp by 3.5% in the second quarter. State Street Corp now owns 191,229 shares of the financial services provider’s stock valued at $5,057,000 after buying an additional 6,472 shares in the last quarter. Hedge funds and other institutional investors own 43.02% of the company’s stock.
About Territorial Bancorp
Territorial Bancorp Inc is a bank holding company. The Company owns Territorial Savings Bank (the Bank). The Bank provides financial services to individuals, families and businesses through its approximately 30 banking offices located throughout the State of Hawaii. Its business consists of accepting deposits from the general public and investing those deposits together with funds generated from operations and borrowings in one- to four-family residential mortgage loans and investment securities.
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