Zacks Investment Research Upgrades Territorial Bancorp Inc. (TBNK) to Hold

Zacks Investment Research upgraded shares of Territorial Bancorp Inc. (NASDAQ:TBNK) from a sell rating to a hold rating in a research note released on Wednesday morning.

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. “

A number of other research analysts have also recently commented on TBNK. ValuEngine cut Territorial Bancorp from a buy rating to a hold rating in a research report on Tuesday, June 27th. BidaskClub cut Territorial Bancorp from a hold rating to a sell rating in a research report on Thursday, July 13th. UBS AG cut Territorial Bancorp to an underperform rating in a research report on Thursday, August 10th. Finally, Raymond James Financial, Inc. restated an underperform rating on shares of Territorial Bancorp in a research report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. The stock has a consensus rating of Sell and a consensus price target of $36.00.

Shares of Territorial Bancorp (TBNK) opened at 29.67 on Wednesday. Territorial Bancorp has a 12-month low of $27.73 and a 12-month high of $34.00. The stock has a 50 day moving average of $29.80 and a 200 day moving average of $30.85. The company has a market cap of $274.95 million, a price-to-earnings ratio of 16.21 and a beta of 0.28.

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The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 10th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Tuesday, August 8th. Territorial Bancorp’s payout ratio is currently 43.96%.

In related news, Chairman Allan S. Kitagawa sold 4,813 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $30.00, for a total value of $144,390.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.80% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in TBNK. Royce & Associates LP bought a new position in Territorial Bancorp in the first quarter valued at about $2,182,000. Renaissance Technologies LLC grew its position in Territorial Bancorp by 9.3% in the first quarter. Renaissance Technologies LLC now owns 549,600 shares of the financial services provider’s stock valued at $17,131,000 after acquiring an additional 46,700 shares during the last quarter. First Quadrant L P CA grew its position in Territorial Bancorp by 690.6% in the second quarter. First Quadrant L P CA now owns 29,457 shares of the financial services provider’s stock valued at $919,000 after acquiring an additional 25,731 shares during the last quarter. Menta Capital LLC bought a new position in Territorial Bancorp in the first quarter valued at about $556,000. Finally, Schwab Charles Investment Management Inc. grew its position in Territorial Bancorp by 131.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 28,192 shares of the financial services provider’s stock valued at $880,000 after acquiring an additional 15,992 shares during the last quarter. Hedge funds and other institutional investors own 45.97% of the company’s stock.

About Territorial Bancorp

Territorial Bancorp Inc is the holding company for Territorial Savings Bank (the Bank). The Bank provides financial services to individuals, families and businesses through its banking offices located throughout the State of Hawaii. Its business consists primarily 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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