Wall Street Zen Upgrades First Hawaiian (NASDAQ:FHB) to Hold

First Hawaiian (NASDAQ:FHB) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Several other analysts have also recently commented on FHB. Zacks Research cut shares of First Hawaiian from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Piper Sandler increased their target price on First Hawaiian from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Benchmark restated a “hold” rating on shares of First Hawaiian in a report on Tuesday, July 14th. TD Cowen decreased their target price on First Hawaiian from $32.00 to $31.00 and set a “hold” rating for the company in a research report on Wednesday, July 29th. Finally, Barclays upped their price target 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. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $30.25.

First Hawaiian Stock Performance

NASDAQ:FHB traded down $0.03 on Friday, hitting $25.79. 1,558,600 shares of the stock were exchanged, compared to its average volume of 1,726,531. First Hawaiian has a 52 week low of $22.65 and a 52 week high of $30.58. The company’s 50-day moving average price is $28.26 and its 200 day moving average price is $26.91. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 1.63 and a beta of 0.73.

First Hawaiian (NASDAQ:FHB) last posted 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. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. The business had revenue of $231.27 million during the quarter, compared to the consensus estimate of $227.77 million. During the same period in the previous year, the firm posted $0.58 earnings per share. As a group, equities research analysts predict that First Hawaiian will post 2.34 earnings per share for the current year.

Institutional Trading of First Hawaiian

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of First Hawaiian during the second quarter worth about $483,971,000. California State Teachers Retirement System grew its holdings in shares of First Hawaiian by 2,436.8% during the second quarter. California State Teachers Retirement System now owns 4,117,676 shares of the bank’s stock worth $120,648,000 after buying an additional 3,955,356 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in First Hawaiian in the 2nd quarter valued at approximately $62,568,000. Bank of America Corp DE acquired a new stake in First Hawaiian in the 2nd quarter valued at approximately $53,105,000. Finally, Norges Bank bought a new position in shares of First Hawaiian during the 4th quarter worth approximately $40,281,000. 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.