Man Group plc Makes New Investment in First Hawaiian, Inc. $FHB

Key Points

• Man Group plc acquired 231,584 shares of First Hawaiian in the second quarter, valued at approximately $6.8 million and representing about 0.19% of the bank. Institutional investors collectively own 97.63% of the company.
• First Hawaiian exceeded quarterly expectations, reporting adjusted EPS of $0.60 versus the $0.58 consensus and revenue of $231.27 million versus estimates of $227.77 million.
• The bank pays a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 dividend and a 4.0% yield. Analyst sentiment remains cautious, with an average “Reduce” rating and a $30.25 price target.

Man Group plc purchased a new stake in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 231,584 shares of the bank's stock, valued at approximately $6,785,000. Man Group plc owned about 0.19% of First Hawaiian as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in FHB. BlackRock Inc. purchased a new stake in shares of First Hawaiian in the second quarter valued at $483,971,000. The Manufacturers Life Insurance Company acquired a new position in First Hawaiian in the second quarter valued at $62,568,000. Norges Bank purchased a new position in First Hawaiian during the fourth quarter worth about $40,281,000. AQR Capital Management LLC lifted its position in First Hawaiian by 230.8% during the third quarter. AQR Capital Management LLC now owns 2,206,361 shares of the bank's stock worth $54,784,000 after buying an additional 1,539,415 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in First Hawaiian in the 2nd quarter worth about $32,977,000. Hedge funds and other institutional investors own 97.63% of the company's stock.

First Hawaiian Stock Down 0.1%

First Hawaiian stock opened at $25.79 on Friday. First Hawaiian, Inc. has a 52-week low of $22.65 and a 52-week high of $30.58. The firm has a fifty day moving average of $28.26 and a 200-day moving average of $26.91. The firm has a market capitalization of $3.14 billion, a P/E ratio of 11.21, a PEG ratio of 1.63 and a beta of 0.73.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.02. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. The business had revenue of $231.27 million for the quarter, compared to the consensus estimate of $227.77 million. During the same quarter last year, the firm posted $0.58 EPS. On average, research analysts expect that First Hawaiian, Inc. will post 2.34 EPS for the current fiscal year.

First Hawaiian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 17th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, August 17th. First Hawaiian's payout ratio is currently 45.22%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FHB. Zacks Research lowered shares of First Hawaiian from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Wall Street Zen raised shares of First Hawaiian from a "sell" rating to a "hold" rating in a research report on Saturday. Benchmark reiterated a "hold" rating on shares of First Hawaiian in a report on Tuesday, July 14th. TD Cowen dropped their price objective on First Hawaiian from $32.00 to $31.00 and set a "hold" rating for the company in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group increased their target price on First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $30.25.

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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