Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in First Hawaiian, Inc. $FHB

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of First Hawaiian, Inc. (NASDAQ:FHB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 111,351 shares of the bank’s stock, valued at approximately $3,263,000.

A number of other institutional investors have also recently modified their holdings of FHB. Commerce Bank bought a new position in shares of First Hawaiian during the second quarter valued at $722,000. Quantbot Technologies LP purchased a new position in shares of First Hawaiian in the 2nd quarter worth about $1,845,000. Evolve Private Wealth LLC bought a new position in First Hawaiian in the 2nd quarter worth about $826,000. EP Wealth Advisors LLC bought a new position in First Hawaiian in the 2nd quarter worth about $312,000. Finally, Ieq Capital LLC purchased a new stake in First Hawaiian during the 2nd quarter valued at about $2,653,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

First Hawaiian Price Performance

First Hawaiian stock opened at $25.79 on Friday. First Hawaiian, Inc. has a one year low of $22.65 and a one year high of $30.58. The stock has a market capitalization of $3.14 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.63 and a beta of 0.73. The business’s fifty day moving average is $28.26 and its 200 day moving average is $26.91.

First Hawaiian (NASDAQ:FHB) last issued its earnings results on Friday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $231.27 million during the quarter, compared to analyst estimates of $227.77 million. First Hawaiian had a return on equity of 10.27% and a net margin of 24.41%.During the same quarter in the previous year, the firm earned $0.58 EPS. As a group, sell-side analysts expect that First Hawaiian, Inc. will post 2.34 EPS for the current fiscal year.

First Hawaiian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 17th were paid a $0.26 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Hawaiian’s payout ratio is currently 45.22%.

Wall Street Analyst Weigh In

FHB has been the subject of a number of analyst reports. Piper Sandler raised their price objective on shares of First Hawaiian from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. upped their target price on shares of First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 1st. Barclays increased their price target on shares of First Hawaiian from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Stephens raised shares of First Hawaiian from an “equal weight” rating to an “overweight” rating and set a $33.00 price target for the company in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First Hawaiian in a report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, First Hawaiian presently has an average rating of “Reduce” and a consensus target price of $30.25.

First Hawaiian 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.