Northern Trust Corp Purchases 45,349 Shares of First Hawaiian, Inc. $FHB

Key Points

• Northern Trust Corp increased its stake in First Hawaiian, Inc. by 2.1% during the first quarter, holding 2.23 million shares valued at approximately $54.58 million.
• Multiple analysts have adjusted their ratings on First Hawaiian, with Wells Fargo raising the price target from $22 to $24 but maintaining an "underweight" rating.
• First Hawaiian recently declared a quarterly dividend of $0.26, which represents a 4.1% yield based on an annualized payout of $1.04.

Northern Trust Corp raised its position in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,233,354 shares of the bank's stock after buying an additional 45,349 shares during the period. Northern Trust Corp owned about 1.78% of First Hawaiian worth $54,583,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in shares of First Hawaiian by 199.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,058 shares of the bank's stock valued at $26,000 after purchasing an additional 705 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of First Hawaiian during the first quarter valued at approximately $44,000. Versant Capital Management Inc grew its stake in shares of First Hawaiian by 65.1% during the first quarter. Versant Capital Management Inc now owns 3,128 shares of the bank's stock valued at $76,000 after purchasing an additional 1,233 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of First Hawaiian by 26.0% during the first quarter. Parallel Advisors LLC now owns 4,462 shares of the bank's stock valued at $109,000 after purchasing an additional 920 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of First Hawaiian by 36.4% during the first quarter. GAMMA Investing LLC now owns 4,943 shares of the bank's stock valued at $121,000 after purchasing an additional 1,319 shares during the last quarter. 97.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

First Hawaiian Stock Up 0.2%

FHB stock traded up $0.04 during midday trading on Monday, reaching $25.95. The company's stock had a trading volume of 1,703,554 shares, compared to its average volume of 1,051,855. First Hawaiian, Inc. has a 52 week low of $20.32 and a 52 week high of $28.80. The stock has a market cap of $3.23 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 6.29 and a beta of 0.89. The business's 50-day simple moving average is $25.14 and its 200-day simple moving average is $24.43.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The bank reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.49 by $0.09. The company had revenue of $217.54 million for the quarter, compared to analysts' expectations of $214.67 million. First Hawaiian had a net margin of 21.45% and a return on equity of 9.29%. During the same period last year, the firm posted $0.48 earnings per share. As a group, equities analysts forecast that First Hawaiian, Inc. will post 1.95 earnings per share for the current fiscal 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 given 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 of this dividend was Monday, August 18th. First Hawaiian's dividend payout ratio (DPR) is currently 53.61%.

First Hawaiian Company Profile

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.