Raymond James Financial Inc. Buys 58,793 Shares of First Hawaiian, Inc. $FHB

Key Points

• Raymond James Financial Inc. increased its stake in First Hawaiian, Inc. by 4.8%, acquiring an additional 58,793 shares, which brings their total ownership to over 1.29 million shares worth approximately $31.66 million.
• First Hawaiian recently reported earnings of $0.58 per share, exceeding estimates, with revenue of $217.54 million for the quarter, as analysts anticipate earnings per share of 1.95 for the current fiscal year.
• The company also announced a quarterly dividend of $0.26 per share to be paid on August 29, representing an annualized yield of 4.1% and a payout ratio of 53.61%.

Raymond James Financial Inc. boosted its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 4.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,295,267 shares of the bank's stock after acquiring an additional 58,793 shares during the period. Raymond James Financial Inc. owned 1.03% of First Hawaiian worth $31,656,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC increased its stake in First Hawaiian by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 36,493 shares of the bank's stock worth $892,000 after acquiring an additional 521 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of First Hawaiian by 199.7% in the 1st 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. CWM LLC increased its stake in shares of First Hawaiian by 7.5% in the 1st quarter. CWM LLC now owns 12,769 shares of the bank's stock valued at $312,000 after purchasing an additional 894 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of First Hawaiian by 26.0% in the 1st 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, Retirement Planning Group LLC increased its stake in shares of First Hawaiian by 2.8% in the 4th quarter. Retirement Planning Group LLC now owns 34,634 shares of the bank's stock valued at $899,000 after purchasing an additional 938 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

Wall Street Analysts Forecast Growth

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

First Hawaiian Stock Up 3.7%

NASDAQ FHB opened at $25.51 on Friday. First Hawaiian, Inc. has a twelve month low of $20.32 and a twelve month high of $28.80. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 6.21 and a beta of 0.84. The business's fifty day moving average is $24.85 and its 200 day moving average is $24.52.

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

First Hawaiian Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, August 18th. First Hawaiian's dividend payout ratio (DPR) is currently 53.61%.

First Hawaiian 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.

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