First Hawaiian, Inc. $FHB Stock: Crossmark Global Holdings Inc. Cuts Position

Key Points

• Crossmark Global Holdings cut its First Hawaiian position by 79.3% in the third quarter, selling 40,775 shares and retaining 10,635 shares worth approximately $262,000. Institutional investors collectively own 97.63% of the company.
• Analyst sentiment remains cautious, with an overall “Hold” rating and a $29 consensus price target. Recent actions included JPMorgan and TD Cowen lowering their price targets, while Wall Street Zen downgraded the stock to “Sell.”
• First Hawaiian reported quarterly EPS of $0.52, below the $0.59 estimate, despite revenue of $230.23 million exceeding expectations. The company declared a quarterly dividend of $0.26 per share, representing a 4.1% annualized yield.

Crossmark Global Holdings Inc. decreased its holdings in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 79.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,635 shares of the bank's stock after selling 40,775 shares during the period. Crossmark Global Holdings Inc.'s holdings in First Hawaiian were worth $262,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of First Hawaiian during the 2nd quarter valued at $483,971,000. The Manufacturers Life Insurance Company purchased a new position in shares of First Hawaiian during the 2nd quarter worth $62,568,000. Bank of America Corp DE bought a new stake in shares of First Hawaiian during the 2nd quarter valued at $53,105,000. Bank of New York Mellon Corp bought a new stake in shares of First Hawaiian during the 2nd quarter valued at $32,977,000. Finally, Quantinno Capital Management LP grew its position in shares of First Hawaiian by 60.3% during 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 during the period. Hedge funds and other institutional investors own 97.63% of the company's stock.

Wall Street Analyst Weigh In

FHB has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on First Hawaiian from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday, October 26th. Wall Street Zen downgraded First Hawaiian from a "hold" rating to a "sell" rating in a research report on Saturday, October 24th. Barclays boosted their price target on First Hawaiian from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. TD Cowen reduced their price target on First Hawaiian from $31.00 to $28.00 and set a "hold" rating for the company in a research report on Monday, October 5th. Finally, Benchmark restated a "hold" rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $29.00.

First Hawaiian Price Performance

Shares of FHB stock opened at $25.20 on Friday. The company has a market cap of $3.07 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.37 and a beta of 0.76. First Hawaiian, Inc. has a 1 year low of $23.26 and a 1 year high of $30.58. The stock's 50 day simple moving average is $25.36 and its two-hundred day simple moving average is $26.55.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its earnings results on Friday, October 23rd. The bank reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.59 by ($0.07). First Hawaiian had a return on equity of 9.83% and a net margin of 23.73%. The company had revenue of $230.23 million during the quarter, compared to analysts' expectations of $229.20 million. During the same quarter last year, the firm posted $0.59 EPS. Equities research analysts expect that First Hawaiian, Inc. will post 2.30 EPS for the current year.

First Hawaiian Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Monday, November 16th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, November 16th. First Hawaiian's dividend payout ratio is 46.64%.

First Hawaiian Profile

First Hawaiian, Inc is the parent company of First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858, First Hawaiian Bank is the oldest bank in Hawaii and serves consumers, businesses, and government entities across the Pacific.

The bank provides a broad range of financial products and services, including checking and savings accounts, consumer and residential loans, commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.

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