Fifth Third Bancorp Acquires 119,346 Shares of First Hawaiian, Inc. $FHB

Key Points

• Fifth Third Bancorp dramatically increased its position in First Hawaiian, boosting its stake by 10,761.6% in the first quarter to 120,455 shares worth about $2.97 million.
• First Hawaiian reported better-than-expected Q1 earnings of $0.55 per share, though revenue came in slightly below analyst estimates at $220.35 million.
• The bank declared a quarterly dividend of $0.26 per share, implying an annualized yield of 3.6%, while analysts currently rate the stock a consensus Hold with an average price target of $29.25.

Fifth Third Bancorp raised its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 10,761.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 120,455 shares of the bank's stock after purchasing an additional 119,346 shares during the period. Fifth Third Bancorp owned approximately 0.10% of First Hawaiian worth $2,968,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of First Hawaiian by 2.5% in the fourth 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in First Hawaiian by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,380,268 shares of the bank's stock worth $161,423,000 after buying an additional 221,492 shares in the last quarter. State Street Corp raised its position in First Hawaiian by 1.3% in the 2nd quarter. State Street Corp now owns 5,883,194 shares of the bank's stock valued at $146,845,000 after buying an additional 77,478 shares during the last quarter. AQR Capital Management LLC raised its position in First Hawaiian by 68.6% in the 4th quarter. AQR Capital Management LLC now owns 3,720,826 shares of the bank's stock valued at $94,137,000 after buying an additional 1,514,465 shares during the last quarter. Finally, Reinhart Partners LLC. lifted its stake in First Hawaiian by 9.8% during the 4th quarter. Reinhart Partners LLC. now owns 2,591,559 shares of the bank's stock valued at $65,567,000 after acquiring an additional 231,018 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

First Hawaiian Trading Down 1.5%

Shares of NASDAQ FHB opened at $28.86 on Tuesday. The stock has a fifty day simple moving average of $28.19 and a two-hundred day simple moving average of $26.77. 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 $3.51 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.60 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its earnings results on Friday, April 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.The firm had revenue of $220.35 million for the quarter, compared to analyst estimates of $223.59 million. During the same period in the previous year, the company posted $0.47 earnings per share. Analysts forecast that First Hawaiian, Inc. will post 2.38 EPS for the current year.

First Hawaiian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, May 18th. First Hawaiian's dividend payout ratio (DPR) is currently 45.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. The Goldman Sachs Group upped their target price on shares of First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research note on Tuesday, July 7th. Wells Fargo & Company boosted their price target on shares of First Hawaiian from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, July 6th. Wall Street Zen downgraded shares of First Hawaiian from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. TD Cowen increased their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the company a "hold" rating in a research note on Tuesday, April 28th. Finally, Piper Sandler increased their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $29.25.

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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