First Hawaiian Bank (FHB) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of First Hawaiian Bank (NASDAQ:FHB) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $34.00 price target on the bank’s stock.

According to Zacks, “First Hawaiian, Inc. offers banking services to consumer and commercial customers which includes deposit products, lending services and wealth management, insurance, private banking and trust services. First Hawaiian Inc. is based in San Francisco, California. “

Other equities research analysts also recently issued reports about the stock. BidaskClub raised shares of First Hawaiian Bank from a hold rating to a buy rating in a research note on Friday, March 9th. Keefe, Bruyette & Woods raised shares of First Hawaiian Bank from a market perform rating to an outperform rating in a research note on Tuesday, March 13th. UBS Group assumed coverage on shares of First Hawaiian Bank in a research note on Thursday, March 22nd. They set a neutral rating and a $31.00 price target for the company. Deutsche Bank raised shares of First Hawaiian Bank from a hold rating to a buy rating in a research note on Thursday, May 3rd. Finally, Bank of America raised shares of First Hawaiian Bank from a neutral rating to a buy rating and boosted their price target for the stock from $34.00 to $35.00 in a research note on Thursday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $32.88.

Shares of NASDAQ FHB opened at $29.22 on Tuesday. First Hawaiian Bank has a 1-year low of $26.30 and a 1-year high of $32.36. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 1.61 and a beta of 0.51.

First Hawaiian Bank (NASDAQ:FHB) last announced its earnings results on Thursday, April 26th. The bank reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.01. First Hawaiian Bank had a net margin of 24.70% and a return on equity of 9.53%. The company had revenue of $139.70 million during the quarter, compared to the consensus estimate of $136.66 million. During the same period in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up 8.0% on a year-over-year basis. sell-side analysts anticipate that First Hawaiian Bank will post 2.01 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Tuesday, May 29th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Friday, May 25th. First Hawaiian Bank’s dividend payout ratio (DPR) is 58.18%.

In other news, Chairman Robert S. Harrison acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The stock was purchased at an average price of $28.44 per share, for a total transaction of $284,400.00. Following the completion of the acquisition, the chairman now owns 44,129 shares in the company, valued at $1,255,028.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paribas Bnp sold 15,300,000 shares of the business’s stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $27.56, for a total transaction of $421,668,000.00. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC grew its holdings in First Hawaiian Bank by 3.1% during the first quarter. Neuberger Berman Group LLC now owns 2,925,289 shares of the bank’s stock valued at $81,430,000 after purchasing an additional 87,737 shares during the period. BlackRock Inc. grew its holdings in First Hawaiian Bank by 2.3% during the first quarter. BlackRock Inc. now owns 2,370,251 shares of the bank’s stock valued at $65,964,000 after purchasing an additional 52,357 shares during the period. Villere ST Denis J & Co. LLC grew its holdings in First Hawaiian Bank by 14.9% during the first quarter. Villere ST Denis J & Co. LLC now owns 2,262,646 shares of the bank’s stock valued at $62,969,000 after purchasing an additional 292,947 shares during the period. American Century Companies Inc. grew its holdings in First Hawaiian Bank by 8.1% during the first quarter. American Century Companies Inc. now owns 1,231,003 shares of the bank’s stock valued at $34,259,000 after purchasing an additional 91,861 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in First Hawaiian Bank by 5.0% during the fourth quarter. Bank of New York Mellon Corp now owns 944,235 shares of the bank’s stock valued at $27,553,000 after purchasing an additional 44,694 shares during the period. Hedge funds and other institutional investors own 36.63% of the company’s stock.

About First Hawaiian Bank

First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking services to consumer and commercial customers in the United States. It operates through Retail Banking and Commercial Banking segments. The company accepts various deposit products, such as checking and savings accounts, and time deposit accounts.

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