1,125,488 Shares in First Hawaiian, Inc. $FHB Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 1.125 million First Hawaiian shares worth approximately $33.0 million, representing about 0.92% of the bank. Institutional investors collectively own 97.63% of the stock.
• First Hawaiian recently exceeded quarterly expectations, reporting $0.60 in earnings per share and $231.27 million in revenue, while maintaining a quarterly dividend of $0.26, or a 4.0% annualized yield.
• Shares opened at $25.79, below the analyst consensus price target of $30.25. Despite some buy ratings, the stock carries an overall “Reduce” consensus, with two Buy, six Hold and three Sell ratings.

Bank of New York Mellon Corp bought a new position in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,125,488 shares of the bank's stock, valued at approximately $32,977,000. Bank of New York Mellon Corp owned about 0.92% of First Hawaiian at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Focus Partners Advisor Solutions LLC bought a new stake in shares of First Hawaiian during the 2nd quarter worth about $223,000. State of Wyoming acquired a new position in shares of First Hawaiian during the 2nd quarter valued at about $704,000. Oppenheimer Asset Management Inc. bought a new position in shares of First Hawaiian in the 2nd quarter valued at approximately $552,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of First Hawaiian in the 2nd quarter valued at approximately $220,000. Finally, Reinhart Partners LLC. lifted 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 worth $77,964,000 after purchasing an additional 18,977 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors.

First Hawaiian Stock Down 0.1%

Shares of NASDAQ FHB opened at $25.79 on Friday. First Hawaiian, Inc. has a 12 month low of $22.65 and a 12 month high of $30.58. The company has a market cap of $3.14 billion, a P/E ratio of 11.21, a P/E/G ratio of 1.63 and a beta of 0.73. The business's 50 day moving average is $28.26 and its two-hundred day moving average is $26.91.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted its quarterly earnings data on Friday, July 24th. The bank reported $0.60 earnings per share 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 during the quarter, compared to analysts' expectations of $227.77 million. During the same period in the prior year, the business earned $0.58 earnings per share. Sell-side analysts expect that First Hawaiian, Inc. will post 2.34 earnings per share for the current fiscal year.

First Hawaiian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 17th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a yield of 4.0%. First Hawaiian's dividend payout ratio is 45.22%.

Analysts Set New Price Targets

FHB has been the topic of several analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of First Hawaiian in a report on Monday, July 6th. Wells Fargo & Company boosted their price objective on shares of First Hawaiian from $26.00 to $28.00 and gave the stock an "underweight" rating in a research note on Monday, July 6th. JPMorgan Chase & Co. upped their price objective on shares of First Hawaiian from $27.00 to $31.00 and gave the stock an "underweight" rating in a report on Wednesday, July 1st. TD Cowen lowered their target price on shares of First Hawaiian from $32.00 to $31.00 and set a "hold" rating on the stock in a research note on Wednesday, July 29th. Finally, Barclays raised their target price on shares of First Hawaiian from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $30.25.

About First Hawaiian

First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.

First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.

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