Business briefs


POSTED: Wednesday, July 29, 2009

Isle solar firm gets new headquarters

Distributed Energy Partners, a commercial solar integration company, has leased a 3,400 square-foot space in the historic Hawaii Times building at 928 Nuuanu Ave.

DEP expects to begin using its new corporate headquarters beginning Saturday and will share its space with subsidiary RevoluSun, a residential photovoltaic company.

“;With the tremendous growth in the photovoltaic market, we needed the space to accommodate our growing team,”; said Todd Georgopapadakos, founding partner.


BofA might cut 10% of branches

CHARLOTTE, N.C. » Bank of America Corp. eventually might shrink its 6,100-branch network by about 10 percent as consumers utilize other methods of banking, a company spokesman said yesterday.

Bank of America spokesman James Mahoney made the comments when asked about a published report that Chief Executive Ken Lewis and another bank executive described such a plan to investors at a meeting last week in Charlotte, N.C., where the bank is based.

The move would be a pullback from the bank's two-decade expansion, most recently under Lewis' command, which expanded the bank from coast to coast.


Hawaiian Holdings stock sinks 10.7%

Hawaiian Holdings Inc.'s stock, which had rallied leading up to its second-quarter earnings report, plunged 76 cents, or 10.7 percent, yesterday, after posting on Monday a profit of $27.5 million that beat earnings estimates by 21 cents.

Analyst Robert McAdoo of Avondale Partners LLC reiterated yesterday his “;market outperform”; rating and $16 price target for Hawaiian Airlines' parent.

Kim Zotter, an analyst with Imperial Capital, maintained her “;outperform”; rating and $7 price target.


Territorial shares hit new high

Territorial Bancorp Inc.'s stock hit an all-time high yesterday after breaking out of the tight trading range it had been in since its July 13 initial public offering.

The parent of Territorial Savings Bank saw its shares rise 14 cents, or 0.9 percent, to $15.05 after reaching an intraday high of $15.10. It was the first time the stock had closed above $15 since soaring 49.9 percent on its first day of trading to $14.99 from its starting price of $10.


Bankoh shares continue rising

Bank of Hawaii Corp.'s stock jumped an additional 70 cents, or 1.8 percent, to $39.18 yesterday as it continued to rally after reporting Monday a 35.8 percent decline in second-quarter net income that beat analysts' estimates by 5 cents a share. The stock has now risen 10.3 percent since reporting earnings and is up 14.1 percent over the last four trading days.

Analyst Robert Bohlen of Keefe, Bruyette & Woods raised his 2009 earnings-per-share estimate yesterday to $2.80 from $2.65 and raised his target price to $35 from $32. He lowered his 2010 EPS estimate to $2.75 from $2.80.

Brett Rabatin, an analyst with Sterne Agee, maintained his “;neutral”; rating but raised his target price to $36 from $30.



;  The Pukalani Country Club has appointed Ronald “;Ron”; Huffman as general manager. He has more than 20 years' experience, including as general manager of Mililani Golf Club, as well as working at Waialae Country Club, Coral Creek Golf Course, Turtle Bay Golf Resort and golf facilities on the mainland.

Niu Pia Land Co. Ltd. has promoted Samuel W. Pratt to president from treasurer, which he had been since 1990. Other officer positions include Scott R. Ayres, treasurer; William D. Pratt, vice president; Ann B. Leighton, secretary; Melinda P. Walker, assistant secretary; and David W. Pratt, assistant treasurer.