First Hawaiian (NASDAQ:FHB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• First Hawaiian reported quarterly earnings of $0.60 per share, topping analyst estimates by $0.02 and edging above the $0.58 earned in the same quarter last year.
• Revenue came in at $231.27 million, also ahead of expectations of $227.77 million, while the bank posted a net margin of 24.44% and return on equity of 10.39%.
• The stock rose 0.8% to $28.89 following the report; analysts currently rate it a consensus Hold with an average price target of $29.25.

First Hawaiian (NASDAQ:FHB - Get Free Report) released its quarterly earnings data on Friday. The bank reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.02, FiscalAI reports. The business had revenue of $231.27 million during the quarter, compared to analysts' expectations of $227.77 million. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. During the same quarter in the prior year, the company earned $0.58 EPS.

First Hawaiian Stock Up 0.8%

Shares of FHB stock traded up $0.24 on Friday, reaching $28.89. The company had a trading volume of 718,914 shares, compared to its average volume of 1,760,445. The stock has a market capitalization of $3.51 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.57 and a beta of 0.72. The business's 50-day moving average is $28.34 and its 200 day moving average is $26.84. First Hawaiian has a one year low of $22.65 and a one year high of $30.58.

Institutional Trading of First Hawaiian

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of First Hawaiian by 230.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,206,361 shares of the bank's stock worth $54,784,000 after acquiring an additional 1,539,415 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in First Hawaiian by 96.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,096,002 shares of the bank's stock valued at $27,729,000 after purchasing an additional 537,841 shares during the period. Arrowstreet Capital Limited Partnership increased its position in First Hawaiian by 35.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,853,300 shares of the bank's stock worth $46,888,000 after buying an additional 485,149 shares during the last quarter. Two Sigma Investments LP lifted its position in shares of First Hawaiian by 162.4% during the 3rd quarter. Two Sigma Investments LP now owns 536,855 shares of the bank's stock valued at $13,330,000 after buying an additional 332,258 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of First Hawaiian by 448.4% during the 4th quarter. Millennium Management LLC now owns 396,939 shares of the bank's stock worth $10,043,000 after acquiring an additional 324,561 shares during the period. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on FHB shares. TD Cowen lifted their price target on shares of First Hawaiian from $28.00 to $29.00 and gave the company a "hold" rating in a research note on Tuesday, April 28th. Stephens set a $28.00 price target on shares of First Hawaiian in a research note on Monday, April 27th. Wells Fargo & Company lifted their target price on First Hawaiian from $26.00 to $28.00 and gave the company an "underweight" rating in a research report on Monday, July 6th. The Goldman Sachs Group upped their price objective on First Hawaiian from $27.00 to $30.00 and gave the company a "sell" rating in a research note on Tuesday, July 7th. Finally, Barclays increased their price objective on shares of First Hawaiian from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $29.25.

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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