Piper Sandler Upgrades Territorial Bancorp (TBNK) to Neutral

Piper Sandler analyst Andrew Liesch upgraded Territorial Bancorp (NASDAQ: TBNK) from Underweight to Neutral with a price target of $8.50 (from $8.00).

The analyst comments "We are raising our rating on Territorial to Neutral from Underweight following the announcement of its sale to Hope Bancorp – consistent with Matthew Clark's rating on shares of HOPE. Our $8.50 price target is aligned with our firm’s outlook for HOPE shares and represents roughly 30% of TBV. On April 29, Territorial announced it will be acquired by Hope in an all-stock deal transaction at approximately $79 million. At the time of announcement, the deal valued TBNK shares at $8.82/share, which represented a 25% premium to the pre-announcement closing price, 31% of TBV and 16.0x our 2025 EPS estimate. The transaction is expected to close by year-end, assuming regulatory and shareholder approvals."

For an analyst ratings summary and ratings history on Territorial Bancorp click here. For more ratings news on Territorial Bancorp click here.

Shares of Territorial Bancorp closed at $8.09 yesterday.

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