Bank of America Corp DE Invests $53.10 Million in First Hawaiian, Inc. $FHB

Key Points

• Bank of America acquired a new $53.1 million stake in First Hawaiian during the second quarter, purchasing 1.81 million shares and owning approximately 1.49% of the company. Institutional investors collectively held 97.63% of the bank’s stock.
• Analyst sentiment remained cautious, with First Hawaiian receiving an average “Reduce” rating and a consensus price target of $30.25. Recent actions included downgrades from Zacks Research and Wall Street Zen, while Wells Fargo and Barclays raised their price targets.
• First Hawaiian exceeded quarterly earnings expectations, reporting $0.60 in EPS versus estimates of $0.58 and revenue of $231.27 million. The bank also maintained a quarterly dividend of $0.26 per share, equivalent to a 4.0% annualized yield.

Bank of America Corp DE acquired a new stake in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,812,456 shares of the bank's stock, valued at approximately $53,105,000. Bank of America Corp DE owned 1.49% of First Hawaiian at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of First Hawaiian in the second quarter valued at about $483,971,000. Ieq Capital LLC bought a new position in First Hawaiian during the second quarter valued at about $2,653,000. Quantinno Capital Management LP raised its holdings in First Hawaiian by 60.3% in the 1st quarter. Quantinno Capital Management LP now owns 1,798,815 shares of the bank's stock valued at $44,323,000 after acquiring an additional 676,433 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in First Hawaiian in the 2nd quarter valued at approximately $32,977,000. Finally, California State Teachers Retirement System lifted its position in shares of First Hawaiian by 37.7% in the 1st quarter. California State Teachers Retirement System now owns 162,320 shares of the bank's stock worth $4,000,000 after acquiring an additional 44,423 shares during the period. Institutional investors and hedge funds own 97.63% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FHB. Wells Fargo & Company lifted their price objective on First Hawaiian from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, July 6th. TD Cowen reduced their target price on First Hawaiian from $32.00 to $31.00 and set a "hold" rating for the company in a research report on Wednesday, July 29th. Wall Street Zen cut First Hawaiian from a "hold" rating to a "sell" rating in a research report on Saturday. Zacks Research downgraded shares of First Hawaiian from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Barclays raised their price objective on shares of First Hawaiian from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, First Hawaiian has an average rating of "Reduce" and an average price target of $30.25.

First Hawaiian Price Performance

Shares of NASDAQ:FHB opened at $25.76 on Monday. The business's fifty day moving average price is $27.11 and its two-hundred day moving average price is $26.89. First Hawaiian, Inc. has a fifty-two week low of $22.65 and a fifty-two week high of $30.58. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 11.20, a price-to-earnings-growth ratio of 1.62 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the business earned $0.58 earnings per share. Research analysts expect that First Hawaiian, Inc. will post 2.34 EPS for the current fiscal year.

First Hawaiian Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Hawaiian's dividend payout ratio (DPR) is 45.22%.

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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