VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in First Hawaiian, Inc. $FHB

Key Points

• Virginia Retirement Systems bought 60,800 shares of First Hawaiian valued at approximately $1.78 million during the second quarter. Institutional investors collectively own 97.63% of the company, with several large funds increasing their positions.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $30.25. First Hawaiian recently traded at $25.75.
• First Hawaiian exceeded quarterly expectations, reporting $0.60 in earnings per share versus the $0.58 estimate and $231.27 million in revenue. The bank also pays a quarterly dividend of $0.26 per share, representing a 4.0% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in First Hawaiian, Inc. (NASDAQ:FHB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 60,800 shares of the bank's stock, valued at approximately $1,781,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in First Hawaiian during the second quarter worth $483,971,000. Dimensional Fund Advisors LP boosted its position in First Hawaiian by 4.9% during the first quarter. Dimensional Fund Advisors LP now owns 6,693,630 shares of the bank's stock valued at $164,927,000 after acquiring an additional 313,362 shares during the last quarter. State Street Corp boosted 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 acquiring an additional 77,478 shares during the last quarter. California State Teachers Retirement System boosted its position in First Hawaiian by 2,436.8% during the second quarter. California State Teachers Retirement System now owns 4,117,676 shares of the bank's stock valued at $120,648,000 after acquiring an additional 3,955,356 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in First Hawaiian by 68.6% during the 4th quarter. AQR Capital Management LLC now owns 3,720,826 shares of the bank's stock worth $94,137,000 after acquiring an additional 1,514,465 shares during the period. 97.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Barclays lifted their price objective on First Hawaiian from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. raised their target price on First Hawaiian from $27.00 to $31.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 1st. 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 note on Wednesday, July 29th. Zacks Research cut First Hawaiian from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Piper Sandler increased their price target on First Hawaiian from $29.00 to $30.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $30.25.

First Hawaiian Price Performance

FHB stock opened at $25.75 on Friday. The stock has a market capitalization of $3.13 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 1.62 and a beta of 0.72. The company's 50-day moving average is $27.54 and its 200-day moving average is $26.86. First Hawaiian, Inc. has a 1 year low of $22.65 and a 1 year high of $30.58.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its quarterly earnings data 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 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 analysts' expectations of $227.77 million. During the same quarter last year, the firm posted $0.58 earnings per share. On average, analysts anticipate that First Hawaiian, Inc. will post 2.34 earnings per share for the current fiscal year.

First Hawaiian Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 17th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Monday, August 17th. First Hawaiian's payout ratio is 45.22%.

About First Hawaiian

First Hawaiian, Inc NASDAQ: FHB is the holding company for First Hawaiian Bank, a regional financial institution headquartered in Honolulu, Hawaii. Founded in 1858 as Bishop & Company, First Hawaiian Bank is the oldest bank in Hawaii and provides banking and financial services to consumers, businesses and government organizations.

The bank offers deposit accounts, residential and commercial lending, credit cards, treasury management, investment and wealth management services, and online and mobile banking.

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