First Hawaiian (NASDAQ:FHB) Upgraded at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded First Hawaiian from “underweight” to “neutral” and set a $29 price target, implying 17.79% upside from the prior close.
• Analyst sentiment remains mixed but averages a “Hold” rating, with a consensus price target of $29.75.
• First Hawaiian exceeded quarterly expectations, reporting $0.60 earnings per share versus $0.58 expected and revenue of $231.27 million versus $227.77 million projected.

First Hawaiian (NASDAQ:FHB - Get Free Report) was upgraded by JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a report issued on Thursday, Briefing.com reports. The firm currently has a $29.00 price target on the bank's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 17.79% from the company's previous close.

Several other research analysts have also issued reports on the stock. Piper Sandler increased their target price on shares of First Hawaiian from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Benchmark reiterated a "hold" rating on shares of First Hawaiian in a report on Tuesday, July 14th. The Goldman Sachs Group raised their target price on First Hawaiian from $27.00 to $30.00 and gave the company a "sell" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Hawaiian in a research report on Monday, July 6th. Finally, Zacks Research downgraded First Hawaiian from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Two investment 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $29.75.

First Hawaiian Price Performance

Shares of NASDAQ:FHB opened at $24.62 on Thursday. First Hawaiian has a 1 year low of $22.65 and a 1 year high of $30.58. The business's 50-day moving average is $26.48 and its 200-day moving average is $26.92. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 10.70, a P/E/G ratio of 1.55 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its 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 business had revenue of $231.27 million during the quarter, compared to the consensus estimate 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. Analysts anticipate that First Hawaiian will post 2.37 EPS for the current year.

Hedge Funds Weigh In On First Hawaiian

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Eurizon Capital SGR S.p.A. bought a new stake in First Hawaiian in the fourth quarter worth about $26,000. Elevation Wealth Partners LLC increased its stake in shares of First Hawaiian by 378.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 933 shares of the bank's stock worth $27,000 after purchasing an additional 738 shares during the last quarter. Anchor Investment Management LLC bought a new stake in shares of First Hawaiian in the 2nd quarter worth approximately $30,000. Global Retirement Partners LLC purchased a new position in First Hawaiian in the second quarter valued at approximately $51,000. Finally, Nykredit A S bought a new position in First Hawaiian during the second quarter valued at $65,000. 97.63% of the stock is owned by hedge funds and other 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.

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