First Hawaiian (NASDAQ:FHB) Sets New 52-Week High – Here’s Why

Shares of First Hawaiian, Inc. (NASDAQ:FHB) hit a new 52-week high on Tuesday . The company traded as high as $29.00 and last traded at $26.3910, with a volume of 460 shares trading hands. The stock had previously closed at $26.63.

Wall Street Analyst Weigh In

A number of research firms have commented on FHB. JPMorgan Chase & Co. decreased their price target on First Hawaiian from $29.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings raised shares of First Hawaiian from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Wall Street Zen cut shares of First Hawaiian from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler lifted their target price 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. Finally, Wells Fargo & Company increased their price target on shares of First Hawaiian from $24.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, First Hawaiian currently has an average rating of “Reduce” and an average price target of $27.56.

First Hawaiian Stock Performance

The company has a 50 day simple moving average of $25.69 and a 200 day simple moving average of $25.76. The company has a market capitalization of $3.21 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.94 and a beta of 0.75.

First Hawaiian (NASDAQ:FHB) last issued its quarterly earnings results on Friday, April 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The firm 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 earnings per share. As a group, equities research analysts anticipate that First Hawaiian, Inc. will post 2.33 EPS for the current year.

First Hawaiian Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Monday, May 18th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Monday, May 18th. First Hawaiian’s dividend payout ratio is 45.61%.

Hedge Funds Weigh In On First Hawaiian

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in shares of First Hawaiian by 409.2% during the 4th quarter. SG Americas Securities LLC now owns 89,506 shares of the bank’s stock worth $2,265,000 after purchasing an additional 71,927 shares during the last quarter. Elo Mutual Pension Insurance Co increased its holdings in shares of First Hawaiian by 94.2% in the third quarter. Elo Mutual Pension Insurance Co now owns 51,139 shares of the bank’s stock valued at $1,270,000 after purchasing an additional 24,805 shares during the last quarter. Oak Thistle LLC purchased a new position in First Hawaiian during the fourth quarter worth approximately $1,243,000. Vanguard Group Inc. lifted its position in First Hawaiian by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank’s stock worth $365,777,000 after buying an additional 358,632 shares in the last quarter. Finally, Ruffer LLP acquired a new position in First Hawaiian during the fourth quarter worth $3,028,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

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.