First Hawaiian, Inc. $FHB Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in First Hawaiian, Inc. by 21.9%, selling 90,340 shares, and now holds about 0.26% valued at approximately $7.88 million.
• First Hawaiian's recent earnings report showed an EPS of $0.58, surpassing analysts' expectations of $0.49, with revenues of $217.54 million compared to projected $214.67 million.
• The stock's average rating is a "Strong Sell", and several brokerages have adjusted their price targets, with an average target price of $27.07.

Goldman Sachs Group Inc. lowered its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 21.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 322,565 shares of the bank's stock after selling 90,340 shares during the quarter. Goldman Sachs Group Inc. owned 0.26% of First Hawaiian worth $7,883,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its position in shares of First Hawaiian by 3.6% during the first quarter. The Manufacturers Life Insurance Company now owns 10,493,396 shares of the bank's stock valued at $256,459,000 after buying an additional 360,088 shares during the period. Dimensional Fund Advisors LP grew its position in First Hawaiian by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,786,438 shares of the bank's stock valued at $141,417,000 after acquiring an additional 122,013 shares during the last quarter. Reinhart Partners LLC. grew its position in First Hawaiian by 15.1% in the 1st quarter. Reinhart Partners LLC. now owns 2,325,881 shares of the bank's stock valued at $56,845,000 after acquiring an additional 305,439 shares during the last quarter. Northern Trust Corp increased its stake in First Hawaiian by 2.1% in the first quarter. Northern Trust Corp now owns 2,233,354 shares of the bank's stock worth $54,583,000 after purchasing an additional 45,349 shares during the period. Finally, Raymond James Financial Inc. lifted its position in shares of First Hawaiian by 4.8% during the first quarter. Raymond James Financial Inc. now owns 1,295,267 shares of the bank's stock worth $31,656,000 after purchasing an additional 58,793 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

First Hawaiian Price Performance

NASDAQ FHB traded up $0.27 during midday trading on Wednesday, hitting $25.37. 840,105 shares of the company traded hands, compared to its average volume of 903,849. First Hawaiian, Inc. has a 52 week low of $20.32 and a 52 week high of $28.80. The company's 50-day simple moving average is $25.16 and its 200-day simple moving average is $24.36. The company has a market cap of $3.16 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 6.16 and a beta of 0.89.

First Hawaiian (NASDAQ:FHB - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $0.58 EPS for the quarter, topping the consensus estimate of $0.49 by $0.09. First Hawaiian had a return on equity of 9.29% and a net margin of 21.45%.The firm had revenue of $217.54 million during the quarter, compared to analyst estimates of $214.67 million. During the same period in the previous year, the company posted $0.48 EPS. On average, research analysts predict that First Hawaiian, Inc. will post 1.95 earnings per share for the current year.

First Hawaiian Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Monday, August 18th. First Hawaiian's dividend payout ratio (DPR) is currently 53.61%.

Wall Street Analyst Weigh In

Several research firms recently commented on FHB. Barclays reaffirmed an "underweight" rating on shares of First Hawaiian in a research note on Tuesday, July 8th. Wells Fargo & Company raised their target price on shares of First Hawaiian from $22.00 to $24.00 and gave the stock an "underweight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded First Hawaiian from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. increased their price objective on First Hawaiian from $25.00 to $25.50 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Finally, Piper Sandler assumed coverage on First Hawaiian in a research report on Thursday, August 21st. They set a "neutral" rating and a $26.00 target price for the company. Three analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Strong Sell" and an average target price of $27.07.

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.