TD Cowen Has Lowered Expectations for First Hawaiian (NASDAQ:FHB) Stock Price

Key Points

• TD Cowen lowered First Hawaiian’s price target from $31 to $28 while maintaining a “hold” rating, implying 11.58% potential upside from the prior close.
• Analyst sentiment remains cautious: First Hawaiian has an average “Hold” rating and a consensus price target of $29, based on two Buy, seven Hold, and two Sell ratings.
• The bank exceeded quarterly expectations, reporting $0.60 in earnings per share versus a $0.58 estimate and $231.27 million in revenue; institutional investors own 97.63% of the stock.

First Hawaiian (NASDAQ:FHB - Get Free Report) had its target price lowered by equities researchers at TD Cowen from $31.00 to $28.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "hold" rating on the bank's stock. TD Cowen's price objective indicates a potential upside of 11.58% from the stock's previous close.

A number of other research analysts have also recently commented on FHB. Weiss Ratings restated a "buy (b)" rating on shares of First Hawaiian in a research note on Friday. Zacks Research lowered First Hawaiian from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. raised First Hawaiian from an "underweight" rating to a "neutral" rating and reduced their price target for the stock from $30.00 to $29.00 in a research note on Thursday. Wall Street Zen upgraded First Hawaiian from a "sell" rating to a "hold" rating in a report on Sunday, September 27th. Finally, Barclays raised their price objective on First Hawaiian from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, First Hawaiian has an average rating of "Hold" and a consensus target price of $29.00.

First Hawaiian Stock Performance

Shares of NASDAQ FHB traded down $0.17 during midday trading on Monday, hitting $25.09. 165,989 shares of the company traded hands, compared to its average volume of 1,821,750. First Hawaiian has a 12-month low of $22.65 and a 12-month high of $30.58. The firm has a market cap of $3.05 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.57 and a beta of 0.76. The stock has a 50-day moving average price of $26.34 and a 200 day moving average price of $26.93.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $231.27 million during the quarter, compared to analyst estimates of $227.77 million. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. During the same period last year, the business posted $0.58 earnings per share. As a group, equities analysts expect that First Hawaiian will post 2.37 earnings per share for the current year.

Hedge Funds Weigh In On First Hawaiian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHB. BlackRock Inc. bought a new stake in shares of First Hawaiian in the 2nd quarter worth $483,971,000. The Manufacturers Life Insurance Company bought a new position in shares of First Hawaiian during the second quarter valued at $62,568,000. Bank of America Corp DE bought a new position in shares of First Hawaiian during the second quarter valued at $53,105,000. Norges Bank purchased a new stake in shares of First Hawaiian during the fourth quarter valued at $40,281,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of First Hawaiian during the second quarter valued at $32,977,000. 97.63% of the stock is owned by 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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