Alliancebernstein L.P. Cuts Stock Position in First Hawaiian, Inc. $FHB

Key Points

• Alliancebernstein L.P. reduced its stake in First Hawaiian, Inc. by 15.0%, selling 786,789 shares and now holds 4,457,422 shares valued at approximately $108.94 million.
• Several hedge funds adjusted their positions, with Caitong International Asset Management increasing its stake by 199.7% and Headlands Technologies LLC acquiring a new position worth $44,000.
• First Hawaiian declared a quarterly dividend of $0.26 per share, representing an annualized yield of 4.0%, with a current dividend payout ratio of 53.61%.

Alliancebernstein L.P. cut its holdings in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 15.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,457,422 shares of the bank's stock after selling 786,789 shares during the period. Alliancebernstein L.P. owned about 3.55% of First Hawaiian worth $108,939,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its position in shares of First Hawaiian by 4.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 70,300 shares of the bank's stock worth $1,718,000 after purchasing an additional 2,678 shares during the period. Principal Financial Group Inc. increased its position in First Hawaiian by 1.3% in the 1st quarter. Principal Financial Group Inc. now owns 627,695 shares of the bank's stock valued at $15,341,000 after buying an additional 7,981 shares in the last quarter. GAMMA Investing LLC boosted its stake in First Hawaiian by 36.4% during the 1st quarter. GAMMA Investing LLC now owns 4,943 shares of the bank's stock valued at $121,000 after purchasing an additional 1,319 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in First Hawaiian by 25.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,864 shares of the bank's stock valued at $314,000 after purchasing an additional 2,617 shares during the last quarter. Finally, M&T Bank Corp grew its holdings in shares of First Hawaiian by 11.2% in the first quarter. M&T Bank Corp now owns 18,524 shares of the bank's stock valued at $453,000 after acquiring an additional 1,863 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

First Hawaiian Price Performance

Shares of First Hawaiian stock traded down $0.07 on Wednesday, reaching $25.64. 426,176 shares of the company were exchanged, compared to its average volume of 901,443. First Hawaiian, Inc. has a 1-year low of $20.32 and a 1-year high of $28.80. The company has a market cap of $3.20 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 6.25 and a beta of 0.89. The stock's 50 day moving average price is $25.26 and its 200-day moving average price is $24.39.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.09. First Hawaiian had a return on equity of 9.29% and a net margin of 21.45%.The firm had revenue of $217.54 million during the quarter, compared to analysts' expectations of $214.67 million. During the same quarter in the previous year, the business earned $0.48 earnings per share. On average, research analysts predict that First Hawaiian, Inc. will post 1.95 earnings per share for the current fiscal year.

First Hawaiian Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were paid a $0.26 dividend. The ex-dividend date was Monday, August 18th. This represents a $1.04 dividend on an annualized basis and a yield of 4.1%. First Hawaiian's payout ratio is currently 53.61%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays restated an "underweight" rating on shares of First Hawaiian in a research note on Tuesday, July 8th. Wall Street Zen upgraded First Hawaiian from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Piper Sandler started coverage on shares of First Hawaiian in a report on Thursday, August 21st. They issued a "neutral" rating and a $26.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on First Hawaiian from $25.00 to $25.50 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Finally, Wells Fargo & Company upped their price objective on shares of First Hawaiian from $22.00 to $24.00 and gave the company an "underweight" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, First Hawaiian currently has a consensus rating of "Strong Sell" and a consensus target price of $27.07.

First Hawaiian Company Profile

First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts.