Renaissance Technologies LLC Cuts Stock Position in First Hawaiian, Inc. $FHB

Renaissance Technologies LLC cut its position in shares of First Hawaiian, Inc. (NASDAQ:FHB) by 36.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 248,900 shares of the bank’s stock after selling 145,600 shares during the quarter. Renaissance Technologies LLC owned approximately 0.20% of First Hawaiian worth $6,133,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sei Investments Co. boosted its stake in First Hawaiian by 44.7% in the first quarter. Sei Investments Co. now owns 464,457 shares of the bank’s stock worth $11,444,000 after buying an additional 143,453 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of First Hawaiian by 13.4% during the first quarter. PNC Financial Services Group Inc. now owns 12,206 shares of the bank’s stock worth $301,000 after acquiring an additional 1,443 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 313,362 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of First Hawaiian by 11.3% in the 1st quarter. Parallel Advisors LLC now owns 5,171 shares of the bank’s stock worth $127,000 after acquiring an additional 525 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of First Hawaiian by 41.1% in the 1st quarter. KBC Group NV now owns 5,119 shares of the bank’s stock worth $126,000 after acquiring an additional 1,490 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FHB shares. JPMorgan Chase & Co. lifted their target price on shares of First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 1st. Zacks Research upgraded First Hawaiian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Barclays boosted their target price on First Hawaiian from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. TD Cowen reduced their price target on First Hawaiian from $32.00 to $31.00 and set a “hold” rating on the stock in a research report on Wednesday, July 29th. Finally, Stephens lifted their price target on First Hawaiian from $28.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.12.

First Hawaiian Stock Performance

NASDAQ FHB opened at $28.25 on Wednesday. The stock has a market cap of $3.44 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 1.77 and a beta of 0.73. First Hawaiian, Inc. has a fifty-two week low of $22.65 and a fifty-two week high of $30.58. The stock has a 50 day simple moving average of $28.49 and a two-hundred day simple moving average of $26.92.

First Hawaiian (NASDAQ:FHB) last released its quarterly earnings results on Friday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $231.27 million for 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 period in the previous year, the company posted $0.58 earnings per share. Sell-side analysts predict that First Hawaiian, Inc. will post 2.34 earnings per share for the current year.

First Hawaiian Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 17th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.04 annualized dividend and a dividend yield of 3.7%. First Hawaiian’s dividend payout ratio is presently 45.22%.

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.