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 stock traded as high as $29.00 and last traded at $26.3910, with a volume of 460 shares changing hands. The stock had previously closed at $26.63.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of First Hawaiian from $24.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, March 30th. TD Cowen boosted their target price on shares of First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings raised shares of First Hawaiian from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Stephens set a $28.00 price target on shares of First Hawaiian in a research report on Monday, April 27th. Finally, Wall Street Zen cut First Hawaiian from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, First Hawaiian has a consensus rating of “Reduce” and a consensus price target of $27.56.

First Hawaiian Stock Down 0.8%

The business 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 cap 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 released its quarterly earnings results on Friday, April 24th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.The business had revenue of $220.35 million during the quarter, compared to analyst estimates of $223.59 million. During the same period last year, the business posted $0.47 earnings per share. As a group, equities research analysts predict that First Hawaiian, Inc. will post 2.33 EPS for the current fiscal year.

First Hawaiian Announces Dividend

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

Institutional Trading of First Hawaiian

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in shares of First Hawaiian by 8.6% in the first quarter. Royal Bank of Canada now owns 165,337 shares of the bank’s stock valued at $4,041,000 after purchasing an additional 13,071 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in First Hawaiian by 9.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank’s stock valued at $246,000 after buying an additional 856 shares during the period. United Services Automobile Association acquired a new position in shares of First Hawaiian in the first quarter worth $201,000. Empowered Funds LLC increased its position in shares of First Hawaiian by 10.4% during the first quarter. Empowered Funds LLC now owns 16,407 shares of the bank’s stock worth $401,000 after acquiring an additional 1,542 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Hawaiian by 8.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 425,079 shares of the bank’s stock worth $10,389,000 after acquiring an additional 31,686 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.

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.