First Hawaiian (NASDAQ:FHB) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Hawaiian (NASDAQ:FHB) issued its quarterly earnings results on Friday. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02, FiscalAI reports. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.The company had revenue of $231.27 million for the quarter, compared to analyst estimates of $227.77 million. During the same quarter last year, the company posted $0.58 EPS.

First Hawaiian Price Performance

NASDAQ FHB traded up $0.19 on Friday, reaching $28.84. The company had a trading volume of 781,067 shares, compared to its average volume of 1,761,201. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.57 and a beta of 0.72. First Hawaiian has a fifty-two week low of $22.65 and a fifty-two week high of $30.58. The business has a 50 day moving average of $28.34 and a two-hundred day moving average of $26.84.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its stake in shares of First Hawaiian by 2,916.7% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank’s stock valued at $27,000 after buying an additional 1,050 shares during the period. Global Retirement Partners LLC lifted its stake in shares of First Hawaiian by 45.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank’s stock worth $43,000 after acquiring an additional 534 shares during the period. Danske Bank A S acquired a new position in shares of First Hawaiian in the third quarter worth approximately $47,000. CIBC Private Wealth Group LLC bought a new stake in First Hawaiian in the third quarter valued at approximately $48,000. Finally, Allworth Financial LP boosted its holdings in First Hawaiian by 155.8% in the third quarter. Allworth Financial LP now owns 2,072 shares of the bank’s stock valued at $51,000 after acquiring an additional 1,262 shares during the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FHB shares. Wall Street Zen lowered First Hawaiian from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Wells Fargo & Company boosted their target price on First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Benchmark reissued a “hold” rating on shares of First Hawaiian in a report on Tuesday, July 14th. Stephens set a $28.00 price target on shares of First Hawaiian in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. lifted their price target on shares of First Hawaiian from $27.00 to $31.00 and gave the company an “underweight” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $29.25.

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.