NewEdge Wealth LLC Takes $2.44 Million Position in First Hawaiian, Inc. $FHB

Key Points

• NewEdge Wealth LLC acquired 83,192 First Hawaiian shares worth approximately $2.44 million, while institutional investors collectively owned 97.63% of the company.
• First Hawaiian exceeded quarterly expectations, reporting $0.60 in earnings per share and $231.27 million in revenue. Analysts expect full-year earnings of $2.34 per share.
• The bank declared a quarterly dividend of $0.26, representing an annualized payout of $1.04 and a 3.9% yield. Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $30.25 price target.

NewEdge Wealth LLC bought a new position in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 83,192 shares of the bank's stock, valued at approximately $2,438,000. NewEdge Wealth LLC owned 0.07% of First Hawaiian at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elevation Wealth Partners LLC increased its holdings in First Hawaiian by 378.5% during the second quarter. Elevation Wealth Partners LLC now owns 933 shares of the bank's stock worth $27,000 after buying an additional 738 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in First Hawaiian in the fourth quarter valued at about $26,000. Northwestern Mutual Wealth Management Co. boosted its stake in First Hawaiian by 2,916.7% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank's stock valued at $27,000 after acquiring an additional 1,050 shares during the last quarter. Global Retirement Partners LLC boosted its stake in First Hawaiian by 45.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank's stock valued at $43,000 after acquiring an additional 534 shares during the last quarter. Finally, Danske Bank A S bought a new position in shares of First Hawaiian during the 3rd quarter valued at approximately $47,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

First Hawaiian Price Performance

Shares of FHB stock opened at $26.61 on Friday. The company's fifty day simple moving average is $28.52 and its two-hundred day simple moving average is $26.95. First Hawaiian, Inc. has a 1 year low of $22.65 and a 1 year high of $30.58. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.69 and a beta of 0.73.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.02. First Hawaiian had a return on equity of 10.27% and a net margin of 24.41%.The firm had revenue of $231.27 million during the quarter, compared to analyst estimates of $227.77 million. During the same period last year, the company earned $0.58 earnings per share. Equities research analysts anticipate that First Hawaiian, Inc. will post 2.34 EPS for the current year.

First Hawaiian Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 17th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, August 17th. First Hawaiian's dividend payout ratio is presently 45.22%.

Wall Street Analyst Weigh In

FHB has been the topic of a number of research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Hawaiian in a report on Monday, July 6th. Wall Street Zen lowered First Hawaiian from a "hold" rating to a "sell" rating in a report on Sunday, August 2nd. Zacks Research downgraded First Hawaiian from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Wells Fargo & Company boosted their target price on First Hawaiian from $26.00 to $28.00 and gave the company an "underweight" rating in a research note on Monday, July 6th. Finally, TD Cowen dropped their price target on First Hawaiian from $32.00 to $31.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $30.25.

About First Hawaiian

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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