First Hawaiian (NASDAQ:FHB) Shares Gap Down - Here's Why

Key Points

• First Hawaiian shares gapped down on Monday, opening at $28.05 after closing at $30.13 the prior session and last trading around $28.63.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” with a consensus price target of $29.12, even after several firms raised their targets.
• The bank recently reported better-than-expected EPS of $0.55 for the quarter and continues to pay a quarterly dividend of $0.26, implying a 3.6% yield.

First Hawaiian, Inc. (NASDAQ:FHB - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $30.13, but opened at $28.05. First Hawaiian shares last traded at $28.6330, with a volume of 914,037 shares.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group increased their price target on First Hawaiian from $27.00 to $30.00 and gave the stock a "sell" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Hawaiian in a research note on Monday, July 6th. Wells Fargo & Company upped their price objective on First Hawaiian from $26.00 to $28.00 and gave the stock an "underweight" rating in a research note on Monday, July 6th. Piper Sandler increased their target price on First Hawaiian from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Finally, Stephens set a $28.00 target price on First Hawaiian in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $29.12.

First Hawaiian Stock Performance

The company has a market capitalization of $3.52 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.66 and a beta of 0.72. The business's fifty day simple moving average is $27.98 and its 200-day simple moving average is $26.64.

First Hawaiian (NASDAQ:FHB - Get Free Report) last released its quarterly earnings data on Friday, April 24th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. The business had revenue of $220.35 million during the quarter, compared to analyst estimates of $223.59 million. During the same quarter last year, the business earned $0.47 earnings per share. As a group, analysts forecast that First Hawaiian, Inc. will post 2.35 EPS for the current year.

First Hawaiian Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, May 18th. First Hawaiian's dividend payout ratio is currently 45.61%.

Hedge Funds Weigh In On First Hawaiian

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eurizon Capital SGR S.p.A. purchased a new stake in First Hawaiian in the fourth quarter valued at about $26,000. Elevation Wealth Partners LLC grew its position in First Hawaiian by 378.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 933 shares of the bank's stock worth $27,000 after purchasing an additional 738 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of First Hawaiian by 2,916.7% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank's stock valued at $27,000 after acquiring an additional 1,050 shares during the period. Global Retirement Partners LLC increased its holdings in shares of First Hawaiian by 45.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank's stock valued at $43,000 after purchasing an additional 534 shares during the period. Finally, Eagle Bay Advisors LLC purchased a new position in First Hawaiian during the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors 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.

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