Wells Fargo & Company Increases First Hawaiian (NASDAQ:FHB) Price Target to $24.00

First Hawaiian (NASDAQ:FHB - Free Report) had its target price increased by Wells Fargo & Company from $22.00 to $24.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the bank's stock.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods reduced their target price on shares of First Hawaiian from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on shares of First Hawaiian from $25.00 to $25.50 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Finally, Barclays reiterated an "underweight" rating on shares of First Hawaiian in a research report on Tuesday, July 8th. Four analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $27.64.

First Hawaiian Price Performance

Shares of FHB stock traded down $0.34 during trading hours on Thursday, reaching $25.87. 1,005,971 shares of the company were exchanged, compared to its average volume of 766,238. First Hawaiian has a fifty-two week low of $20.32 and a fifty-two week high of $28.80. The stock's fifty day moving average is $24.30 and its two-hundred day moving average is $24.80. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 4.67 and a beta of 0.83.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.01. First Hawaiian had a net margin of 20.36% and a return on equity of 8.99%. The company had revenue of $211.00 million for the quarter, compared to analyst estimates of $210.24 million. During the same period in the prior year, the business earned $0.42 earnings per share. First Hawaiian's quarterly revenue was up 2.5% on a year-over-year basis. On average, research analysts anticipate that First Hawaiian will post 1.95 earnings per share for the current year.

First Hawaiian Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.04 annualized dividend and a yield of 4.02%. First Hawaiian's dividend payout ratio (DPR) is presently 56.52%.

Institutional Investors Weigh In On First Hawaiian

Several hedge funds have recently bought and sold shares of FHB. Norges Bank acquired a new stake in shares of First Hawaiian during the fourth quarter worth $36,266,000. Raymond James Financial Inc. acquired a new stake in shares of First Hawaiian during the fourth quarter worth $32,086,000. Alliancebernstein L.P. raised its holdings in shares of First Hawaiian by 19.7% during the fourth quarter. Alliancebernstein L.P. now owns 5,244,211 shares of the bank's stock worth $136,087,000 after acquiring an additional 864,420 shares during the period. Nuveen LLC acquired a new stake in shares of First Hawaiian during the first quarter worth $16,248,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of First Hawaiian by 427.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 617,717 shares of the bank's stock worth $16,030,000 after acquiring an additional 500,535 shares during the period. 97.63% of the stock is currently owned by institutional investors and hedge funds.

About First Hawaiian

First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates in three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company offers various deposit products, including checking, savings, and time deposit accounts, and other deposit accounts.