Millennium Management LLC Sells 233,234 Shares of First Hawaiian, Inc. (NASDAQ:FHB)

Millennium Management LLC lessened its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 81.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,748 shares of the bank's stock after selling 233,234 shares during the quarter. Millennium Management LLC's holdings in First Hawaiian were worth $1,369,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in First Hawaiian by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,664,425 shares of the bank's stock valued at $146,992,000 after buying an additional 186,993 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of First Hawaiian by 19.7% during the fourth quarter. Alliancebernstein L.P. now owns 5,244,211 shares of the bank's stock worth $136,087,000 after purchasing an additional 864,420 shares in the last quarter. Northern Trust Corp grew its holdings in shares of First Hawaiian by 10.7% during the fourth quarter. Northern Trust Corp now owns 2,188,005 shares of the bank's stock worth $56,779,000 after purchasing an additional 211,399 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of First Hawaiian by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,670,929 shares of the bank's stock worth $43,361,000 after purchasing an additional 9,775 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of First Hawaiian during the fourth quarter worth about $36,266,000. Hedge funds and other institutional investors own 97.63% of the company's stock.

First Hawaiian Stock Performance

FHB traded up $0.53 during midday trading on Friday, hitting $24.14. The stock had a trading volume of 519,053 shares, compared to its average volume of 733,243. The company has a market cap of $3.03 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 3.28 and a beta of 0.83. The business has a fifty day moving average of $23.17 and a 200 day moving average of $25.20. First Hawaiian, Inc. has a 1 year low of $19.48 and a 1 year high of $28.80.

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

First Hawaiian Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were given a $0.26 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.04 annualized dividend and a yield of 4.31%. First Hawaiian's payout ratio is currently 56.52%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FHB. Barclays cut their price objective on First Hawaiian from $30.00 to $27.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective on First Hawaiian from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company cut their price objective on First Hawaiian from $24.00 to $22.00 and set an "underweight" rating for the company in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. cut their price objective on First Hawaiian from $26.00 to $25.00 and set an "underweight" rating for the company in a report on Thursday, April 24th. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price 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.