Bank of America Corp DE Cuts Holdings in First Hawaiian, Inc. (NASDAQ:FHB)

Bank of America Corp DE trimmed its holdings in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 25.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 649,247 shares of the bank's stock after selling 220,634 shares during the period. Bank of America Corp DE owned 0.51% of First Hawaiian worth $16,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC lifted its holdings in First Hawaiian by 88.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,530 shares of the bank's stock worth $351,000 after buying an additional 6,366 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of First Hawaiian in the 4th quarter valued at about $215,000. Norges Bank acquired a new stake in shares of First Hawaiian in the 4th quarter valued at about $36,266,000. Sterling Capital Management LLC boosted its position in shares of First Hawaiian by 51.0% in the 4th quarter. Sterling Capital Management LLC now owns 7,636 shares of the bank's stock valued at $198,000 after purchasing an additional 2,580 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of First Hawaiian by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 619,714 shares of the bank's stock valued at $16,082,000 after purchasing an additional 17,515 shares during the period. 97.63% of the stock is owned by hedge funds and other institutional investors.

First Hawaiian Stock Down 0.8%

FHB traded down $0.18 on Monday, hitting $23.42. 405,579 shares of the company traded hands, compared to its average volume of 735,385. The company has a 50 day moving average of $23.31 and a 200-day moving average of $25.39. The stock has a market capitalization of $2.94 billion, a PE ratio of 13.08, a PEG ratio of 3.28 and a beta of 0.82. First Hawaiian, Inc. has a 12-month low of $19.48 and a 12-month high of $28.80.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $211.00 million during the quarter, compared to the consensus estimate of $210.24 million. First Hawaiian had a return on equity of 8.91% and a net margin of 19.74%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. On average, research analysts anticipate that First Hawaiian, Inc. will post 1.95 EPS for the current year.

First Hawaiian Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 19th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.44%. The ex-dividend date is Monday, May 19th. First Hawaiian's dividend payout ratio is presently 56.52%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FHB. Barclays decreased their target price on First Hawaiian from $30.00 to $27.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company decreased their target price on First Hawaiian from $24.00 to $22.00 and set an "underweight" rating for the company in a research report on Wednesday, April 9th. Piper Sandler upped their target price on First Hawaiian from $28.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Keefe, Bruyette & Woods decreased their target price on First Hawaiian from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their target price on First Hawaiian from $26.00 to $25.00 and set an "underweight" rating for the company in a research report on Thursday, April 24th. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $27.29.

About First Hawaiian

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.