State of Alaska Department of Revenue Sells 98,624 Shares of First Hawaiian, Inc. $FHB

Key Points

• State of Alaska Department of Revenue sold 98,624 shares of First Hawaiian, cutting its stake by 59% to 68,508 shares valued at about $1.73 million at the end of the quarter.
• First Hawaiian reported a slight earnings beat with $0.56 EPS for the quarter, has a market cap of $3.30 billion and pays a quarterly dividend that annualizes to a 3.9% yield (payout ratio 47.27%).
• Institutional ownership is high at 97.63%, several large funds increased positions while analyst sentiment is mixed-to-negative with an average rating of "Reduce" and a consensus target price of $26.93.

State of Alaska Department of Revenue decreased its stake in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 59.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,508 shares of the bank's stock after selling 98,624 shares during the period. State of Alaska Department of Revenue owned about 0.06% of First Hawaiian worth $1,733,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in First Hawaiian by 1.6% during the third quarter. Dimensional Fund Advisors LP now owns 6,158,776 shares of the bank's stock valued at $152,923,000 after purchasing an additional 97,803 shares during the period. State Street Corp lifted its position in First Hawaiian by 1.3% during the second quarter. State Street Corp now owns 5,883,194 shares of the bank's stock valued at $146,845,000 after purchasing an additional 77,478 shares during the period. American Century Companies Inc. lifted its position in First Hawaiian by 131.9% during the third quarter. American Century Companies Inc. now owns 2,891,661 shares of the bank's stock valued at $71,800,000 after purchasing an additional 1,644,752 shares during the period. Reinhart Partners LLC. lifted its position in First Hawaiian by 0.7% during the third quarter. Reinhart Partners LLC. now owns 2,360,541 shares of the bank's stock valued at $58,613,000 after purchasing an additional 17,241 shares during the period. Finally, 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 valued at $54,784,000 after purchasing an additional 1,539,415 shares during the period. Institutional investors own 97.63% of the company's stock.

First Hawaiian Stock Performance

FHB opened at $26.82 on Monday. First Hawaiian, Inc. has a 1-year low of $22.08 and a 1-year high of $28.35. The company has a market capitalization of $3.30 billion, a PE ratio of 12.19, a PEG ratio of 2.81 and a beta of 0.71. The firm's 50 day simple moving average is $25.29 and its two-hundred day simple moving average is $25.39.

First Hawaiian (NASDAQ:FHB - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.01. First Hawaiian had a net margin of 23.65% and a return on equity of 10.19%. The business had revenue of $225.85 million for the quarter, compared to the consensus estimate of $225.33 million. During the same period last year, the firm earned $0.41 earnings per share. 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 disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. First Hawaiian's dividend payout ratio is 47.27%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group set a $27.50 price objective on shares of First Hawaiian and gave the company a "sell" rating in a research report on Tuesday, January 6th. Weiss Ratings upgraded shares of First Hawaiian from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 9th. Wells Fargo & Company increased their price target on shares of First Hawaiian from $24.00 to $26.00 and gave the stock an "underweight" rating in a research report on Monday, March 30th. Zacks Research downgraded shares of First Hawaiian from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 25th. Finally, Piper Sandler decreased their price target on shares of First Hawaiian from $27.00 to $25.00 and set a "neutral" rating on the stock in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $26.93.

Insider Activity

In other news, Director Craig Scott Wo sold 1,500 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $27.21, for a total value of $40,815.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is currently owned by company insiders.

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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