The Manufacturers Life Insurance Company Reduces Stock Position in First Hawaiian, Inc. $FHB

Key Points

• The Manufacturers Life Insurance Company cut its First Hawaiian stake by 33.9% in the first quarter, selling 1.93 million shares and retaining 3.78 million shares worth approximately $93.1 million. Institutional investors collectively own 97.63% of the bank.
• First Hawaiian exceeded quarterly expectations, reporting $0.60 in EPS versus the $0.58 consensus estimate and revenue of $231.27 million, above the $227.77 million forecast.
• The bank declared a quarterly dividend of $0.26 per share, equivalent to a 3.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.12, compared with a recent share price of $28.00.

The Manufacturers Life Insurance Company lessened its holdings in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 33.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,779,515 shares of the bank's stock after selling 1,934,820 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 3.11% of First Hawaiian worth $93,127,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of First Hawaiian by 8.6% during the first quarter. Royal Bank of Canada now owns 165,337 shares of the bank's stock valued at $4,041,000 after purchasing an additional 13,071 shares during the period. Integrated Wealth Concepts LLC grew its holdings in shares of First Hawaiian by 9.3% in the first quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank's stock worth $246,000 after purchasing an additional 856 shares during the last quarter. United Services Automobile Association purchased a new position in First Hawaiian in the 1st quarter worth about $201,000. Empowered Funds LLC increased its stake in First Hawaiian by 10.4% in the 1st quarter. Empowered Funds LLC now owns 16,407 shares of the bank's stock worth $401,000 after buying an additional 1,542 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Hawaiian by 8.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 425,079 shares of the bank's stock valued at $10,389,000 after buying an additional 31,686 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company's stock.

First Hawaiian Price Performance

Shares of First Hawaiian stock opened at $28.00 on Thursday. First Hawaiian, Inc. has a 1 year low of $22.65 and a 1 year high of $30.58. The firm's 50-day moving average is $28.44 and its two-hundred day moving average is $26.88. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.54 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB - Get Free Report) last posted 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, equities analysts expect that First Hawaiian, Inc. will post 2.37 earnings per share for the current year.

First Hawaiian Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 17th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, August 17th. First Hawaiian's dividend payout ratio (DPR) is presently 45.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FHB shares. Piper Sandler boosted their price objective on shares of First Hawaiian from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen raised shares of First Hawaiian from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Stephens lifted their price target on shares of First Hawaiian from $28.00 to $32.00 and gave the company an "equal weight" rating in a research note on Wednesday. The Goldman Sachs Group boosted their price target on First Hawaiian from $27.00 to $30.00 and gave the company a "sell" rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. raised their price objective on First Hawaiian from $27.00 to $31.00 and gave the stock an "underweight" rating in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $30.12.

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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