Wells Fargo & Company Issues Positive Forecast for First Hawaiian (NASDAQ:FHB) Stock Price

First Hawaiian (NASDAQ:FHB) had its target price boosted by Wells Fargo & Company from $26.00 to $28.00 in a research note issued on Monday, MarketBeat Ratings reports. The brokerage currently has an “underweight” rating on the bank’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 6.57% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. TD Cowen upped their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a research note on Tuesday, April 28th. Stephens set a $28.00 price objective on First Hawaiian in a report on Monday, April 27th. Wall Street Zen lowered First Hawaiian from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler increased their target price on First Hawaiian from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their price target on First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $28.56.

First Hawaiian Price Performance

NASDAQ FHB opened at $29.97 on Monday. First Hawaiian has a fifty-two week low of $22.65 and a fifty-two week high of $30.56. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.20 and a beta of 0.72. The business has a fifty day moving average of $27.67 and a 200-day moving average of $26.51.

First Hawaiian (NASDAQ:FHB) last issued its quarterly earnings data on Friday, April 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $220.35 million for the quarter, compared to the consensus estimate of $223.59 million. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.During the same period in the prior year, the business earned $0.47 earnings per share. As a group, analysts anticipate that First Hawaiian will post 2.34 EPS for the current year.

Institutional Investors Weigh In On First Hawaiian

Institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in First Hawaiian by 56.3% during the second quarter. Versant Capital Management Inc now owns 12,972 shares of the bank’s stock worth $380,000 after acquiring an additional 4,670 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of First Hawaiian by 36.6% in the 1st quarter. Bank of America Corp DE now owns 1,086,157 shares of the bank’s stock valued at $26,763,000 after purchasing an additional 291,271 shares in the last quarter. Amundi lifted its stake in shares of First Hawaiian by 14.3% in the 1st quarter. Amundi now owns 21,568 shares of the bank’s stock valued at $531,000 after purchasing an additional 2,701 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of First Hawaiian by 37.7% in the 1st quarter. California State Teachers Retirement System now owns 162,320 shares of the bank’s stock valued at $4,000,000 after purchasing an additional 44,423 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of First Hawaiian by 7.3% during the 1st quarter. Royal Bank of Canada now owns 150,135 shares of the bank’s stock worth $3,700,000 after purchasing an additional 10,173 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

First Hawaiian Company Profile

First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.

First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.