JPMorgan Chase & Co. Forecasts Strong Price Appreciation for First Hawaiian (NASDAQ:FHB) Stock

First Hawaiian (NASDAQ:FHB) had its price objective hoisted by JPMorgan Chase & Co. from $27.00 to $31.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 3.39% from the company’s current price.

A number of other analysts also recently weighed in on the company. Piper Sandler lifted their price target on First Hawaiian from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. TD Cowen upped their price target on shares of First Hawaiian from $28.00 to $29.00 and gave the stock a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded shares of First Hawaiian from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Wall Street Zen lowered shares of First Hawaiian from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company increased their target price on shares of First Hawaiian from $24.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $28.31.

First Hawaiian Trading Up 2.3%

Shares of NASDAQ:FHB traded up $0.68 during midday trading on Wednesday, hitting $29.98. The stock had a trading volume of 139,385 shares, compared to its average volume of 1,595,409. The company has a market capitalization of $3.65 billion, a PE ratio of 13.16, a P/E/G ratio of 2.15 and a beta of 0.74. The stock has a 50 day moving average price of $27.49 and a two-hundred day moving average price of $26.42. First Hawaiian has a 1 year low of $22.65 and a 1 year high of $29.79.

First Hawaiian (NASDAQ:FHB) last posted its quarterly earnings results on Friday, April 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. The firm had revenue of $220.35 million during the quarter, compared to analysts’ expectations of $223.59 million. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. During the same period in the prior year, the company posted $0.47 earnings per share. As a group, equities analysts expect that First Hawaiian will post 2.33 EPS for the current year.

Hedge Funds Weigh In On First Hawaiian

Several hedge funds have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its holdings in shares of First Hawaiian by 0.6% in the first quarter. Illinois Municipal Retirement Fund now owns 65,002 shares of the bank’s stock valued at $1,602,000 after purchasing an additional 397 shares in the last quarter. Evolve Private Wealth LLC increased its stake in shares of First Hawaiian by 1.6% during the 1st quarter. Evolve Private Wealth LLC now owns 26,105 shares of the bank’s stock worth $643,000 after purchasing an additional 406 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of First Hawaiian by 9.4% during the 4th quarter. GAMMA Investing LLC now owns 5,626 shares of the bank’s stock worth $142,000 after purchasing an additional 485 shares in the last quarter. Parallel Advisors LLC raised its position in shares of First Hawaiian by 11.3% during the 1st quarter. Parallel Advisors LLC now owns 5,171 shares of the bank’s stock worth $127,000 after purchasing an additional 525 shares during the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of First Hawaiian by 45.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank’s stock worth $43,000 after purchasing an additional 534 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

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.