Granite Investment Partners LLC Reduces Stake in First Hawaiian, Inc. $FHB

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

Several other large investors also recently modified their holdings of FHB. Childress Capital Advisors LLC raised its holdings in shares of First Hawaiian by 9.4% in the 1st quarter. Childress Capital Advisors LLC now owns 11,096 shares of the bank’s stock worth $273,000 after purchasing an additional 952 shares during the period. HB Wealth Management LLC grew its holdings in First Hawaiian by 28.6% during the first quarter. HB Wealth Management LLC now owns 16,010 shares of the bank’s stock valued at $394,000 after purchasing an additional 3,565 shares during the period. Y Intercept Hong Kong Ltd increased its position in First Hawaiian by 122.8% in the first quarter. Y Intercept Hong Kong Ltd now owns 411,419 shares of the bank’s stock worth $10,137,000 after buying an additional 226,747 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of First Hawaiian by 3.0% in the first quarter. Janney Montgomery Scott LLC now owns 28,467 shares of the bank’s stock valued at $701,000 after buying an additional 824 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in shares of First Hawaiian in the first quarter valued at $1,340,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Wall Street Analyst Weigh In

FHB has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price target on First Hawaiian from $27.00 to $30.00 and gave the company a “sell” rating in a research report on Tuesday. Wall Street Zen cut First Hawaiian from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler upped their price objective on shares of First Hawaiian from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Stephens set a $28.00 target price on shares of First Hawaiian in a research report on Monday, April 27th. Finally, Wells Fargo & Company lifted their target price on shares of First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $29.12.

First Hawaiian Price Performance

First Hawaiian stock opened at $29.48 on Thursday. First Hawaiian, Inc. has a one year low of $22.65 and a one year high of $30.58. The business has a fifty day moving average price of $27.86 and a 200-day moving average price of $26.59. The firm has a market capitalization of $3.59 billion, a P/E ratio of 12.93, a PEG ratio of 2.21 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB) last released its quarterly earnings data 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. The company had revenue of $220.35 million for the quarter, compared to analyst estimates 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 previous year, the company posted $0.47 EPS. Sell-side analysts expect that First Hawaiian, Inc. will post 2.35 earnings per share for the current fiscal year.

First Hawaiian Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders 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 of this dividend was Monday, May 18th. First Hawaiian’s payout ratio is presently 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.