First Hawaiian (NASDAQ:FHB) Hits New 52-Week High After Analyst Upgrade

First Hawaiian, Inc. (NASDAQ:FHB)’s stock price hit a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $27.00 to $31.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. First Hawaiian traded as high as $30.05 and last traded at $29.98, with a volume of 253764 shares trading hands. The stock had previously closed at $29.30.

Several other research analysts have also recently weighed in on FHB. Stephens set a $28.00 price target on shares of First Hawaiian in a research report on Monday, April 27th. Weiss Ratings raised shares of First Hawaiian from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. TD Cowen boosted their target price on shares of First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a report on Tuesday, April 28th. Piper Sandler increased their price target on shares of First Hawaiian from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Wall Street Zen downgraded shares of First Hawaiian from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One research 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 presently has an average rating of “Reduce” and a consensus price target of $28.31.

Institutional Trading of First Hawaiian

Hedge funds and other institutional investors have recently modified their holdings of the business. American Century Companies Inc. raised its holdings in First Hawaiian by 131.9% in the 3rd quarter. American Century Companies Inc. now owns 2,891,661 shares of the bank’s stock valued at $71,800,000 after buying an additional 1,644,752 shares during the period. Norges Bank purchased a new stake in shares of First Hawaiian in the 4th quarter valued at approximately $40,281,000. AQR Capital Management LLC raised its stake in shares of First Hawaiian by 230.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,206,361 shares of the bank’s stock valued at $54,784,000 after acquiring an additional 1,539,415 shares during the period. UBS Group AG lifted its holdings in shares of First Hawaiian by 176.0% in the 4th quarter. UBS Group AG now owns 1,128,002 shares of the bank’s stock worth $28,538,000 after acquiring an additional 719,312 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of First Hawaiian by 60.3% in the 1st quarter. Quantinno Capital Management LP now owns 1,798,815 shares of the bank’s stock worth $44,323,000 after acquiring an additional 676,433 shares during the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

First Hawaiian Stock Performance

The stock’s 50-day moving average is $27.49 and its two-hundred day moving average is $26.42. The stock has a market cap of $3.66 billion, a PE ratio of 13.15, a PEG ratio of 2.15 and a beta of 0.74.

First Hawaiian (NASDAQ:FHB) last announced its earnings results on Friday, April 24th. The bank reported $0.55 earnings per share (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 for the quarter, compared to analyst estimates of $223.59 million. During the same quarter in the previous year, the company earned $0.47 earnings per share. Analysts forecast that First Hawaiian, Inc. will post 2.33 EPS for the current year.

First Hawaiian Announces Dividend

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

About First Hawaiian

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.