Granite Investment Partners LLC Sells 26,041 Shares of First Hawaiian, Inc. $FHB

Granite Investment Partners LLC reduced its position in First Hawaiian, Inc. (NASDAQ:FHB) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,042 shares of the bank’s stock after selling 26,041 shares during the period. Granite Investment Partners LLC owned approximately 0.32% of First Hawaiian worth $9,611,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of First Hawaiian by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank’s stock valued at $365,777,000 after buying an additional 358,632 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of First Hawaiian by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,380,268 shares of the bank’s stock worth $161,423,000 after acquiring an additional 221,492 shares in the last quarter. State Street Corp raised its holdings in shares of First Hawaiian by 1.3% in the 2nd quarter. State Street Corp now owns 5,883,194 shares of the bank’s stock worth $146,845,000 after acquiring an additional 77,478 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of First Hawaiian by 68.6% in the 4th quarter. AQR Capital Management LLC now owns 3,720,826 shares of the bank’s stock worth $94,137,000 after acquiring an additional 1,514,465 shares during the last quarter. Finally, Reinhart Partners LLC. lifted its position in First Hawaiian by 9.8% in the 4th quarter. Reinhart Partners LLC. now owns 2,591,559 shares of the bank’s stock valued at $65,567,000 after acquiring an additional 231,018 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Benchmark started coverage on First Hawaiian in a research note on Wednesday. They issued a “hold” rating for the company. Stephens set a $28.00 target price on First Hawaiian in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on First Hawaiian from $27.00 to $31.00 and gave the company an “underweight” rating in a research report on Wednesday, July 1st. Piper Sandler raised their price objective on First Hawaiian from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, TD Cowen lifted their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the stock a “hold” rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $29.12.

First Hawaiian Stock Down 2.5%

Shares of NASDAQ FHB opened at $29.48 on Thursday. The company has a market capitalization of $3.59 billion, a PE ratio of 12.93, a PEG ratio of 2.21 and a beta of 0.72. The stock’s 50 day moving average price is $27.86 and its 200-day moving average price is $26.59. First Hawaiian, Inc. has a twelve month low of $22.65 and a twelve month high of $30.58.

First Hawaiian (NASDAQ:FHB) last issued its quarterly earnings results on Friday, April 24th. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.The company had revenue of $220.35 million during the quarter, compared to the consensus estimate of $223.59 million. During the same period last year, the business posted $0.47 earnings per share. As a group, research analysts expect that First Hawaiian, Inc. will post 2.35 EPS for the current fiscal year.

First Hawaiian Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, May 18th. First Hawaiian’s payout ratio is presently 45.61%.

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.