Piper Sandler Cuts First Hawaiian (NASDAQ:FHB) Price Target to $27.00

First Hawaiian (NASDAQ:FHB) had its target price lowered by Piper Sandler from $30.00 to $27.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Other research analysts also recently issued reports about the stock. Weiss Ratings restated a “buy (b)” rating on shares of First Hawaiian in a research report on Monday, July 6th. Wall Street Zen raised shares of First Hawaiian from a “sell” rating to a “hold” rating in a report on Sunday, September 27th. Zacks Research downgraded shares of First Hawaiian from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Stephens raised shares of First Hawaiian from an “equal weight” rating to an “overweight” rating and set a $33.00 price target on the stock in a report on Thursday, August 6th. Finally, TD Cowen dropped their price objective on shares of First Hawaiian from $32.00 to $31.00 and set a “hold” rating for the company in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.38.

First Hawaiian Stock Up 1.4%

FHB stock opened at $25.26 on Thursday. The company’s 50-day moving average price is $26.34 and its two-hundred day moving average price is $26.91. The firm has a market cap of $3.07 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.57 and a beta of 0.76. First Hawaiian has a 12 month low of $22.65 and a 12 month high of $30.58.

First Hawaiian (NASDAQ:FHB) last issued its quarterly 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 company had revenue of $231.27 million during the quarter, compared to the consensus estimate of $227.77 million. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. During the same quarter in the prior year, the firm posted $0.58 EPS. Equities analysts predict that First Hawaiian will post 2.37 EPS for the current year.

First Hawaiian Dividend Announcement

The company also recently disclosed 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 of this dividend was Monday, August 17th. This represents a $1.04 annualized dividend and a dividend yield of 4.1%. First Hawaiian’s dividend payout ratio is currently 45.22%.

Institutional Investors Weigh In On First Hawaiian

A number of institutional investors have recently added to or reduced their stakes in FHB. BlackRock Inc. bought a new position in shares of First Hawaiian during the second quarter valued at $483,971,000. Dimensional Fund Advisors LP lifted its holdings in shares of First Hawaiian by 4.9% during the first quarter. Dimensional Fund Advisors LP now owns 6,693,630 shares of the bank’s stock worth $164,927,000 after purchasing an additional 313,362 shares during the period. Reinhart Partners LLC. grew its stake in shares of First Hawaiian by 0.7% in the second quarter. Reinhart Partners LLC. now owns 2,660,876 shares of the bank’s stock worth $77,964,000 after purchasing an additional 18,977 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of First Hawaiian in the second quarter worth $62,568,000. Finally, Bank of America Corp DE acquired a new stake in First Hawaiian in the second quarter valued at $53,105,000. 97.63% of the stock is owned by institutional investors.

About First Hawaiian

First Hawaiian, Inc is a bank holding company headquartered in Honolulu, Hawaii, and the parent company of First Hawaiian Bank. Founded in 1858, First Hawaiian Bank is one of the oldest financial institutions in Hawaii and provides banking services to consumers, businesses, and government and institutional customers.

First Hawaiian Bank offers a range of financial products and services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, credit cards, treasury management, online and mobile banking, and wealth management services.