JPMorgan Chase & Co. Downgrades First Hawaiian (NASDAQ:FHB) to Underweight

JPMorgan Chase & Co. lowered shares of First Hawaiian (NASDAQ:FHB) from a neutral rating to an underweight rating in a research note released on Monday, Marketbeat reports. JPMorgan Chase & Co. currently has $24.00 price objective on the bank’s stock.

FHB has been the topic of several other reports. Barclays reduced their price target on First Hawaiian from $25.00 to $24.00 and set an equal weight rating on the stock in a research report on Monday, June 24th. Wells Fargo & Company cut their price objective on First Hawaiian from $20.00 to $18.00 and set an underweight rating on the stock in a research report on Tuesday, June 25th. Four research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat, First Hawaiian presently has an average rating of Reduce and a consensus price target of $24.67.

First Hawaiian Price Performance

FHB opened at $24.11 on Monday. The stock’s 50 day simple moving average is $21.61 and its 200 day simple moving average is $21.51. First Hawaiian has a 1 year low of $17.18 and a 1 year high of $26.18. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 13.86 and a beta of 0.99.

First Hawaiian Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Monday, August 19th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $1.04 annualized dividend and a dividend yield of 4.31%. First Hawaiian’s dividend payout ratio is presently 59.77%.

Institutional Investors Weigh In On First Hawaiian

Several hedge funds have recently made changes to their positions in the company. Whittier Trust Co. boosted its position in shares of First Hawaiian by 68.7% during the second quarter. Whittier Trust Co. now owns 1,245 shares of the bank’s stock valued at $26,000 after purchasing an additional 507 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in shares of First Hawaiian by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 56,400 shares of the bank’s stock valued at $1,289,000 after purchasing an additional 550 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of First Hawaiian by 8.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,135 shares of the bank’s stock valued at $163,000 after purchasing an additional 550 shares in the last quarter. Abich Financial Wealth Management LLC raised its stake in First Hawaiian by 48.9% during the first quarter. Abich Financial Wealth Management LLC now owns 1,984 shares of the bank’s stock valued at $44,000 after buying an additional 652 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in First Hawaiian by 55.7% during the second quarter. Versant Capital Management Inc now owns 1,895 shares of the bank’s stock valued at $39,000 after buying an additional 678 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors.

First Hawaiian Company Profile

First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts.