Wells Fargo & Company Has Lowered Expectations for First Hawaiian (NASDAQ:FHB) Stock Price

Key Points

• Wells Fargo lowered First Hawaiian’s price target from $28 to $26 and maintained an “underweight” rating, implying roughly 5.17% upside from the stock’s $24.72 price.
• Analyst sentiment remains cautious: First Hawaiian has an average “Reduce” rating and a consensus price target of $30, based on two Buy, six Hold, and three Sell ratings.
• First Hawaiian recently exceeded quarterly expectations, reporting $0.60 in EPS versus the $0.58 estimate and revenue of $231.27 million versus $227.77 million expected.

First Hawaiian (NASDAQ:FHB - Get Free Report) had its price objective lowered by Wells Fargo & Company from $28.00 to $26.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "underweight" rating on the bank's stock. Wells Fargo & Company's target price would indicate a potential upside of 5.17% from the stock's current price.

A number of other analysts have also recently weighed in on FHB. The Goldman Sachs Group boosted their target price on shares of First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research note on Tuesday, July 7th. Wall Street Zen raised First Hawaiian from a "sell" rating to a "hold" rating in a report on Sunday. Benchmark restated a "hold" rating on shares of First Hawaiian in a research report on Tuesday, July 14th. JPMorgan Chase & Co. upped their target price on First Hawaiian from $27.00 to $31.00 and gave the stock an "underweight" rating in a report on Wednesday, July 1st. Finally, Zacks Research downgraded First Hawaiian from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $30.00.

First Hawaiian Trading Down 0.4%

NASDAQ FHB traded down $0.10 on Wednesday, hitting $24.72. 207,742 shares of the company's stock were exchanged, compared to its average volume of 1,817,929. The stock has a 50-day moving average of $26.56 and a 200-day moving average of $26.91. First Hawaiian has a 52 week low of $22.65 and a 52 week high of $30.58. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.56 and a beta of 0.72.

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

Institutional Trading of First Hawaiian

Several institutional investors have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC bought a new position in First Hawaiian during the 2nd quarter worth approximately $30,000. Integrated Wealth Concepts LLC increased its position in shares of First Hawaiian by 10.9% during the second quarter. Integrated Wealth Concepts LLC now owns 18,092 shares of the bank's stock worth $530,000 after buying an additional 1,773 shares during the period. NewEdge Advisors LLC bought a new position in First Hawaiian during the second quarter worth $252,000. IFP Advisors Inc lifted its holdings in First Hawaiian by 17.9% in the second quarter. IFP Advisors Inc now owns 3,231 shares of the bank's stock valued at $95,000 after buying an additional 491 shares during the period. Finally, Allworth Financial LP lifted its holdings in First Hawaiian by 150.3% in the second quarter. Allworth Financial LP now owns 7,504 shares of the bank's stock valued at $220,000 after buying an additional 4,506 shares during the period. 97.63% of the stock is currently owned by institutional investors.

About First Hawaiian

First Hawaiian, Inc NASDAQ: FHB is the holding company for First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858 as Bishop & Company, First Hawaiian Bank is the oldest bank in Hawaii and provides banking and financial services to consumers, businesses and government organizations.

The bank offers deposit accounts, residential and commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.

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