Zacks Investment Research upgraded shares of First Hawaiian Bank (NASDAQ:FHB) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $34.00 target price on the bank’s stock.
According to Zacks, “First Hawaiian, Inc. offers banking services to consumer and commercial customers which includes deposit products, lending services and wealth management, insurance, private banking and trust services. First Hawaiian Inc. is based in San Francisco, California. “
Other equities research analysts also recently issued research reports about the company. BidaskClub raised First Hawaiian Bank from a hold rating to a buy rating in a report on Tuesday, June 5th. Bank of America raised First Hawaiian Bank from a neutral rating to a buy rating and raised their target price for the company from $34.00 to $35.00 in a report on Thursday, May 31st. Deutsche Bank raised First Hawaiian Bank from a hold rating to a buy rating in a report on Thursday, May 3rd. UBS Group initiated coverage on First Hawaiian Bank in a report on Thursday, March 22nd. They issued a neutral rating and a $31.00 target price for the company. Finally, Keefe, Bruyette & Woods raised First Hawaiian Bank from a market perform rating to an outperform rating in a report on Tuesday, March 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. First Hawaiian Bank presently has a consensus rating of Hold and a consensus price target of $32.88.
Shares of First Hawaiian Bank opened at $30.07 on Tuesday, according to Marketbeat.com. First Hawaiian Bank has a 1-year low of $26.30 and a 1-year high of $32.36. The firm has a market cap of $4.18 billion, a P/E ratio of 18.22, a P/E/G ratio of 1.68 and a beta of 0.51.
First Hawaiian Bank (NASDAQ:FHB) last issued its quarterly earnings results on Thursday, April 26th. The bank reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. First Hawaiian Bank had a return on equity of 9.53% and a net margin of 24.70%. The firm had revenue of $139.70 million during the quarter, compared to the consensus estimate of $136.66 million. During the same period last year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts anticipate that First Hawaiian Bank will post 2.01 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 8th. Stockholders of record on Tuesday, May 29th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, May 25th. First Hawaiian Bank’s dividend payout ratio is currently 58.18%.
In other news, Chairman Robert S. Harrison purchased 10,000 shares of the company’s stock in a transaction dated Friday, May 11th. The stock was acquired at an average price of $28.44 per share, for a total transaction of $284,400.00. Following the completion of the transaction, the chairman now directly owns 44,129 shares in the company, valued at approximately $1,255,028.76. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paribas Bnp sold 15,300,000 shares of the firm’s stock in a transaction on Thursday, May 10th. The shares were sold at an average price of $27.56, for a total value of $421,668,000.00. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in First Hawaiian Bank during the 1st quarter worth about $120,000. Xact Kapitalforvaltning AB purchased a new stake in First Hawaiian Bank during the 1st quarter worth about $215,000. Dupont Capital Management Corp purchased a new stake in First Hawaiian Bank during the 1st quarter worth about $244,000. Koch Industries Inc. purchased a new stake in First Hawaiian Bank during the 4th quarter worth about $251,000. Finally, State Board of Administration of Florida Retirement System increased its position in First Hawaiian Bank by 35.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,579 shares of the bank’s stock worth $294,000 after purchasing an additional 2,749 shares in the last quarter. Institutional investors and hedge funds own 36.63% of the company’s stock.
About First Hawaiian Bank
First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking services to consumer and commercial customers in the United States. It operates through Retail Banking and Commercial Banking segments. The company accepts various deposit products, such as checking and savings accounts, and time deposit accounts.
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