JPMorgan Chase & Co. Has Lowered Expectations for First Hawaiian (NASDAQ:FHB) Stock Price

Key Points

• JPMorgan lowered First Hawaiian’s price target from $29 to $28 while maintaining a neutral rating, implying approximately 9.65% potential upside from the prior close.
• Analyst sentiment remains cautious: First Hawaiian has an overall “Hold” consensus, with two Buy ratings, seven Holds, and two Sells; the average target price is $29.
• The bank reported quarterly EPS of $0.52, below the $0.59 consensus estimate, although revenue of $230.23 million slightly exceeded forecasts. Shares rose 0.8% to $25.54.

First Hawaiian (NASDAQ:FHB - Get Free Report) had its price objective reduced by analysts at JPMorgan Chase & Co. from $29.00 to $28.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the bank's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 9.65% from the stock's previous close.

A number of other equities research analysts have also recently commented on FHB. TD Cowen reduced their target price on shares of First Hawaiian from $31.00 to $28.00 and set a "hold" rating for the company in a report on Monday, October 5th. Wells Fargo & Company lowered their price target on First Hawaiian from $28.00 to $26.00 and set an "underweight" rating on the stock in a report on Wednesday, September 30th. Benchmark restated a "hold" rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Wall Street Zen downgraded First Hawaiian from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, The Goldman Sachs Group increased their price objective on First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $29.00.

First Hawaiian Trading Up 0.8%

FHB stock traded up $0.20 on Monday, hitting $25.54. The company's stock had a trading volume of 818,053 shares, compared to its average volume of 1,869,003. The firm has a 50 day moving average of $25.51 and a two-hundred day moving average of $26.99. First Hawaiian has a 1 year low of $23.26 and a 1 year high of $30.58. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 1.31 and a beta of 0.76.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its quarterly earnings results on Friday, October 23rd. The bank reported $0.52 earnings per share for the quarter, missing analysts' consensus estimates of $0.59 by ($0.07). First Hawaiian had a return on equity of 9.83% and a net margin of 23.73%. The business had revenue of $230.23 million for the quarter, compared to analyst estimates of $229.20 million. During the same quarter in the prior year, the company earned $0.59 EPS. As a group, equities analysts forecast that First Hawaiian will post 2.39 EPS for the current fiscal year.

Institutional Trading of First Hawaiian

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in First Hawaiian during the second quarter worth about $483,971,000. Dimensional Fund Advisors LP boosted its holdings in First Hawaiian by 4.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,693,630 shares of the bank's stock valued at $164,927,000 after purchasing an additional 313,362 shares in the last quarter. Reinhart Partners LLC. boosted its holdings in First Hawaiian by 0.7% in the 2nd quarter. Reinhart Partners LLC. now owns 2,660,876 shares of the bank's stock valued at $77,964,000 after purchasing an additional 18,977 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in First Hawaiian in the 2nd quarter valued at approximately $62,568,000. Finally, Bank of America Corp DE acquired a new position in First Hawaiian during the 2nd quarter worth approximately $53,105,000. Hedge funds and other institutional investors own 97.63% of the company's stock.

First Hawaiian Company Profile

First Hawaiian, Inc is the parent company of First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858, First Hawaiian Bank is the oldest bank in Hawaii and serves consumers, businesses, and government entities across the Pacific.

The bank provides a broad range of financial products and services, including checking and savings accounts, consumer and residential loans, commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.

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