Wall Street Zen Downgrades First Hawaiian (NASDAQ:FHB) to Sell

Key Points

• Wall Street Zen downgraded First Hawaiian from “hold” to “sell,” while the broader analyst consensus remains “hold” with a $30.12 target price.
• First Hawaiian shares opened at $27.79, down 0.5%, with a $3.38 billion market capitalization and a 12-month trading range of $22.65 to $30.58.
• The bank exceeded quarterly expectations, reporting $0.60 in earnings per share versus a $0.58 estimate and $231.27 million in revenue versus $227.77 million expected; institutional investors own 97.63% of the stock.

First Hawaiian (NASDAQ:FHB - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Sunday.

Several other equities analysts have also recently weighed in on FHB. Barclays raised their price objective on First Hawaiian from $28.00 to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. Benchmark reissued a "hold" rating on shares of First Hawaiian in a report on Tuesday, July 14th. Wells Fargo & Company boosted their target price on shares of First Hawaiian from $26.00 to $28.00 and gave the company an "underweight" rating in a report on Monday, July 6th. TD Cowen lowered their price target on shares of First Hawaiian from $32.00 to $31.00 and set a "hold" rating on the stock in a report on Wednesday. Finally, Piper Sandler boosted their target price on First Hawaiian from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, First Hawaiian currently has an average rating of "Hold" and a consensus price target of $30.12.

First Hawaiian Trading Down 0.5%

Shares of FHB stock opened at $27.79 on Friday. The business's 50-day moving average price is $28.46 and its 200-day moving average price is $26.89. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.75 and a beta of 0.72. First Hawaiian has a 12 month low of $22.65 and a 12 month high of $30.58.

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

Institutional Trading of First Hawaiian

Several institutional investors and hedge funds have recently bought and sold shares of FHB. Royal Bank of Canada increased its stake in shares of First Hawaiian by 8.6% in the 1st quarter. Royal Bank of Canada now owns 165,337 shares of the bank's stock worth $4,041,000 after acquiring an additional 13,071 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in First Hawaiian by 9.3% in the first quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank's stock worth $246,000 after purchasing an additional 856 shares during the period. United Services Automobile Association purchased a new stake in First Hawaiian in the first quarter worth about $201,000. Empowered Funds LLC grew its holdings in First Hawaiian by 10.4% in the first quarter. Empowered Funds LLC now owns 16,407 shares of the bank's stock worth $401,000 after purchasing an additional 1,542 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of First Hawaiian by 8.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 425,079 shares of the bank's stock valued at $10,389,000 after purchasing an additional 31,686 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

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.