Bank of America Corp DE Purchases 291,271 Shares of First Hawaiian, Inc. $FHB

Key Points

• Bank of America increased its First Hawaiian stake by 36.6% in the first quarter, buying 291,271 additional shares for a total of 1.09 million shares valued at approximately $26.8 million.
• Institutional ownership of First Hawaiian stands at 97.63%, while analysts maintain a generally cautious outlook: the stock has an average “Reduce” rating and a $30.25 price target.
• First Hawaiian exceeded quarterly earnings expectations, reporting $0.60 in EPS and $231.27 million in revenue. The bank also declared a quarterly dividend of $0.26 per share, representing a 3.8% annualized yield.

Bank of America Corp DE increased its position in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 36.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,086,157 shares of the bank's stock after buying an additional 291,271 shares during the quarter. Bank of America Corp DE owned 0.89% of First Hawaiian worth $26,763,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in First Hawaiian by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank's stock valued at $365,777,000 after purchasing an additional 358,632 shares during the last quarter. Ruffer LLP bought a new position in First Hawaiian in the 4th quarter worth $3,028,000. California State Teachers Retirement System raised its holdings in 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 purchasing an additional 44,423 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of First Hawaiian by 60.3% in the 1st quarter. Quantinno Capital Management LP now owns 1,798,815 shares of the bank's stock worth $44,323,000 after purchasing an additional 676,433 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of First Hawaiian in the 1st quarter worth about $1,829,000. 97.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FHB has been the topic of several research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of First Hawaiian in a research report on Monday, July 6th. JPMorgan Chase & Co. raised 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. Piper Sandler lifted their price objective on First Hawaiian from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Benchmark reiterated a "hold" rating on shares of First Hawaiian in a report on Tuesday, July 14th. Finally, The Goldman Sachs Group increased their target price on First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, First Hawaiian presently has an average rating of "Reduce" and an average price target of $30.25.

First Hawaiian Price Performance

Shares of First Hawaiian stock opened at $27.66 on Monday. First Hawaiian, Inc. has a 1 year low of $22.65 and a 1 year high of $30.58. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.74 and a beta of 0.73. The company has a 50-day moving average of $28.59 and a 200 day moving average of $26.95.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted 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. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. The business had revenue of $231.27 million for the quarter, compared to analyst estimates of $227.77 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. On average, equities analysts anticipate that First Hawaiian, Inc. will post 2.34 EPS for the current year.

First Hawaiian Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 17th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, August 17th. This represents a $1.04 dividend on an annualized basis and a yield of 3.8%. First Hawaiian's payout ratio is presently 45.22%.

First Hawaiian Company Profile

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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