First Hawaiian (NASDAQ:FHB) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded First Hawaiian from “strong buy” to “hold.” The analyst consensus is “Reduce,” with two Buy, six Hold, and three Sell ratings and an average price target of $30.25.
• First Hawaiian shares opened at $27.66, down 0.7%, with a market capitalization of approximately $3.37 billion. The stock trades at a P/E ratio of 12.03 and has ranged from $22.65 to $30.58 over the past year.
• The bank exceeded quarterly expectations, reporting $0.60 in EPS versus a $0.58 consensus estimate and revenue of $231.27 million versus $227.77 million expected. Institutional investors own 97.63% of the company’s outstanding shares.

First Hawaiian (NASDAQ:FHB - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of First Hawaiian from $27.00 to $30.00 and gave the company a "sell" rating in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Hawaiian in a research note on Monday, July 6th. Barclays increased their price target on First Hawaiian from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Benchmark reissued a "hold" rating on shares of First Hawaiian in a research note on Tuesday, July 14th. Finally, Wall Street Zen downgraded First Hawaiian from a "hold" rating to a "sell" rating in a report on Sunday, August 2nd. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $30.25.

First Hawaiian Stock Down 0.7%

NASDAQ:FHB opened at $27.66 on Thursday. First Hawaiian has a twelve month low of $22.65 and a twelve month high of $30.58. The company has a fifty day moving average of $28.59 and a 200-day moving average of $26.95. The firm has a market capitalization of $3.37 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.76 and a beta of 0.73.

First Hawaiian (NASDAQ:FHB - Get Free Report) last issued its earnings results on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $231.27 million for the quarter, compared to analyst estimates of $227.77 million. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, analysts anticipate that First Hawaiian will post 2.34 EPS for the current fiscal year.

Institutional Investors Weigh In On First Hawaiian

A number of institutional investors and hedge funds have recently made changes to their positions in FHB. Vanguard Group Inc. increased its holdings in First Hawaiian by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank's stock worth $365,777,000 after purchasing an additional 358,632 shares in the last quarter. Ruffer LLP bought a new position in shares of First Hawaiian in the fourth quarter valued at approximately $3,028,000. Quantinno Capital Management LP lifted its holdings in shares of First Hawaiian by 60.3% in the first quarter. Quantinno Capital Management LP now owns 1,798,815 shares of the bank's stock valued at $44,323,000 after purchasing an additional 676,433 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of First Hawaiian during the first quarter valued at approximately $1,829,000. Finally, California State Teachers Retirement System boosted its position in shares of First Hawaiian by 37.7% during the first quarter. California State Teachers Retirement System now owns 162,320 shares of the bank's stock valued at $4,000,000 after buying an additional 44,423 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.

First Hawaiian Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source