Wellington Management Group LLP Increases Stock Holdings in First Hawaiian, Inc. $FHB

Key Points

• Wellington Management increased its First Hawaiian stake by 14% in the second quarter, acquiring 108,459 additional shares for a total holding of 884,450 shares valued at approximately $25.9 million. Institutional investors collectively own 97.63% of the company.
• Analyst sentiment remains cautious: Stephens upgraded the stock to “overweight,” but the consensus rating is “Reduce,” with an average price target of $30.25.
• First Hawaiian beat quarterly earnings expectations with EPS of $0.60 and revenue of $231.27 million. The bank also maintained a quarterly dividend of $0.26 per share, equal to a 4.0% annualized yield.

Wellington Management Group LLP boosted its position in shares of First Hawaiian, Inc. (NASDAQ:FHB - Free Report) by 14.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 884,450 shares of the bank's stock after acquiring an additional 108,459 shares during the period. Wellington Management Group LLP owned 0.73% of First Hawaiian worth $25,914,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHB. Illinois Municipal Retirement Fund increased its holdings in shares of First Hawaiian by 0.6% in the first quarter. Illinois Municipal Retirement Fund now owns 65,002 shares of the bank's stock worth $1,602,000 after purchasing an additional 397 shares during the period. Evolve Private Wealth LLC grew its position in First Hawaiian by 1.6% during the first quarter. Evolve Private Wealth LLC now owns 26,105 shares of the bank's stock worth $643,000 after buying an additional 406 shares in the last quarter. Parallel Advisors LLC increased its stake in First Hawaiian by 11.3% in the 1st quarter. Parallel Advisors LLC now owns 5,171 shares of the bank's stock worth $127,000 after acquiring an additional 525 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of First Hawaiian by 45.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank's stock valued at $43,000 after acquiring an additional 534 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of First Hawaiian by 0.4% during the 4th quarter. Royal Bank of Canada now owns 139,962 shares of the bank's stock valued at $3,540,000 after acquiring an additional 568 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Stephens raised shares of First Hawaiian from an "equal weight" rating to an "overweight" rating and set a $33.00 target price on the stock in a research note on Thursday, August 6th. Piper Sandler raised 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, July 27th. JPMorgan Chase & Co. upped their target price on shares of First Hawaiian from $27.00 to $31.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 1st. Zacks Research cut First Hawaiian from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Finally, Benchmark restated a "hold" rating on shares of First Hawaiian in a research report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $30.25.

First Hawaiian Price Performance

Shares of FHB stock opened at $26.07 on Friday. The business has a 50-day moving average of $27.94 and a 200 day moving average of $26.88. First Hawaiian, Inc. has a 1-year low of $22.65 and a 1-year high of $30.58. The stock has a market capitalization of $3.17 billion, a PE ratio of 11.33, a P/E/G ratio of 1.64 and a beta of 0.72.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The bank reported $0.60 EPS for the quarter, topping 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 business had revenue of $231.27 million for the quarter, compared to analysts' expectations of $227.77 million. During the same period in the previous year, the firm earned $0.58 EPS. Analysts anticipate that First Hawaiian, Inc. will post 2.34 EPS for the current year.

First Hawaiian Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were issued 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 dividend payout ratio is currently 45.22%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.