First Hawaiian (NASDAQ:FHB) Shares Gap Up After Strong Earnings

First Hawaiian, Inc. (NASDAQ:FHB) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $23.99, but opened at $24.92. First Hawaiian shares last traded at $24.41, with a volume of 25,320 shares changing hands.

The bank reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.04. The firm had revenue of $210.00 million during the quarter, compared to analyst estimates of $204.83 million. First Hawaiian had a net margin of 18.83% and a return on equity of 8.96%.

First Hawaiian Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Monday, November 18th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.34%. First Hawaiian’s payout ratio is 60.12%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on FHB shares. JPMorgan Chase & Co. decreased their target price on First Hawaiian from $24.00 to $23.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 9th. Piper Sandler upped their price objective on First Hawaiian from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Wells Fargo & Company lowered their target price on First Hawaiian from $22.00 to $20.00 and set an “underweight” rating for the company in a research report on Tuesday, October 1st. The Goldman Sachs Group boosted their price target on shares of First Hawaiian from $21.00 to $24.00 and gave the stock a “sell” rating in a research report on Monday, July 29th. Finally, Barclays increased their price objective on shares of First Hawaiian from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $24.17.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Whittier Trust Co. boosted its position in shares of First Hawaiian by 68.7% during the second quarter. Whittier Trust Co. now owns 1,245 shares of the bank’s stock valued at $26,000 after buying an additional 507 shares during the period. Versant Capital Management Inc boosted its holdings in First Hawaiian by 55.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,895 shares of the bank’s stock valued at $39,000 after acquiring an additional 678 shares during the period. Blue Trust Inc. grew its position in First Hawaiian by 51.5% in the 3rd quarter. Blue Trust Inc. now owns 1,838 shares of the bank’s stock valued at $43,000 after acquiring an additional 625 shares during the last quarter. Abich Financial Wealth Management LLC increased its stake in First Hawaiian by 48.9% in the first quarter. Abich Financial Wealth Management LLC now owns 1,984 shares of the bank’s stock worth $44,000 after purchasing an additional 652 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of First Hawaiian by 50.3% during the second quarter. GAMMA Investing LLC now owns 2,122 shares of the bank’s stock worth $44,000 after purchasing an additional 710 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

First Hawaiian Stock Down 0.1 %

The stock’s 50 day moving average price is $23.50 and its 200-day moving average price is $22.38. The stock has a market capitalization of $3.06 billion, a PE ratio of 13.85 and a beta of 0.98.

First Hawaiian Company Profile

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