First Hawaiian (NASDAQ:FHB) Sets New 12-Month High – Still a Buy?

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

Analysts Set New Price Targets

A number of research firms have issued reports on FHB. JPMorgan Chase & Co. cut 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. Stephens set a $28.00 price objective on shares of First Hawaiian in a research note on Monday, April 27th. 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 increased their price objective on shares of First Hawaiian from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, TD Cowen increased their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the stock a “hold” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, First Hawaiian has a consensus rating of “Reduce” and an average target price of $27.56.

First Hawaiian Price Performance

The company has a market capitalization of $3.30 billion, a PE ratio of 11.91, a P/E/G ratio of 1.95 and a beta of 0.75. The company has a 50-day moving average of $25.78 and a two-hundred day moving average of $25.79.

First Hawaiian (NASDAQ:FHB) last released its earnings results on Friday, April 24th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The company had revenue of $220.35 million for the quarter, compared to the consensus estimate 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 business earned $0.47 earnings per share. As a group, research analysts anticipate that First Hawaiian, Inc. will post 2.33 EPS for the current year.

First Hawaiian Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Monday, May 18th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, May 18th. This represents a $1.04 annualized dividend and a yield of 3.8%. First Hawaiian’s payout ratio is 45.61%.

Hedge Funds Weigh In On First Hawaiian

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund lifted its position in First Hawaiian by 0.6% during the first quarter. Illinois Municipal Retirement Fund now owns 65,002 shares of the bank’s stock valued at $1,602,000 after purchasing an additional 397 shares in the last quarter. Evolve Private Wealth LLC lifted its position in First Hawaiian by 1.6% during the first quarter. Evolve Private Wealth LLC now owns 26,105 shares of the bank’s stock valued at $643,000 after purchasing an additional 406 shares in the last quarter. GAMMA Investing LLC lifted its position in First Hawaiian by 9.4% during the fourth quarter. GAMMA Investing LLC now owns 5,626 shares of the bank’s stock valued at $142,000 after purchasing an additional 485 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of First Hawaiian by 11.3% in the first quarter. Parallel Advisors LLC now owns 5,171 shares of the bank’s stock valued at $127,000 after acquiring an additional 525 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its position 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 valued at $43,000 after acquiring an additional 534 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

First Hawaiian Company 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.