First Hawaiian Bank Decreases Holdings in Parsons Corporation $PSN

Key Points

• First Hawaiian Bank reduced its holdings in Parsons Corporation (NYSE:PSN) by 53.0% in Q1, selling 20,959 shares and now owning 18,564 shares valued at approximately $1.1 million.
• A number of analysts have recently updated their price targets for Parsons, with Jefferies raising it to $80.00, and the consensus average price target now standing at $88.70.
• Parsons Corporation reported an earnings per share (EPS) of $0.78 for the last quarter, exceeding expectations but showing a 5.1% decline in revenue compared to the previous year.

First Hawaiian Bank trimmed its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 53.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,564 shares of the company's stock after selling 20,959 shares during the period. First Hawaiian Bank's holdings in Parsons were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new stake in Parsons during the 1st quarter worth $27,000. UMB Bank n.a. boosted its position in Parsons by 238.7% during the 1st quarter. UMB Bank n.a. now owns 552 shares of the company's stock worth $33,000 after purchasing an additional 389 shares during the period. Fifth Third Bancorp lifted its holdings in Parsons by 1,803.4% in the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock worth $33,000 after buying an additional 523 shares in the last quarter. Signaturefd LLC lifted its holdings in Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock worth $36,000 after buying an additional 236 shares in the last quarter. Finally, Banque Transatlantique SA acquired a new position in Parsons in the 1st quarter worth $34,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PSN. Jefferies Financial Group boosted their price objective on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. KeyCorp reiterated an "overweight" rating and issued a $84.00 price objective (up previously from $82.00) on shares of Parsons in a report on Thursday, August 7th. Bank of America cut their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Baird R W upgraded shares of Parsons from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.70.

Parsons Stock Performance

Shares of PSN stock opened at $76.59 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.61 and a current ratio of 1.61. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68. The company's 50-day simple moving average is $76.92 and its 200-day simple moving average is $68.85. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 34.19, a PEG ratio of 4.01 and a beta of 0.63.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter last year, the company posted $0.84 earnings per share. The company's quarterly revenue was down 5.1% compared to the same quarter last year. Equities analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Parsons Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.

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