Wells Fargo & Company Raises First Hawaiian (NASDAQ:FHB) Price Target to $26.00

Key Points

• Wells Fargo & Company raised First Hawaiian's price target from $24.00 to $26.00 but kept an "underweight" rating, implying roughly a 6.6% upside from the prior close.
• Analyst coverage is mixed—1 Buy, 5 Hold and 3 Sell—with MarketBeat showing a consensus rating of Reduce and an average price target of $27.79.
• First Hawaiian shares traded at $24.39 (up 0.9%) with a market cap of about $3.0B; the bank beat quarterly EPS estimates ($0.56 vs. $0.55) and trades at a P/E of 11.07.

First Hawaiian (NASDAQ:FHB - Get Free Report) had its target price raised by Wells Fargo & Company from $24.00 to $26.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "underweight" rating on the bank's stock. Wells Fargo & Company's price objective points to a potential upside of 6.58% from the company's previous close.

Several other brokerages also recently commented on FHB. The Goldman Sachs Group set a $27.50 price objective on shares of First Hawaiian and gave the company a "sell" rating in a research note on Tuesday, January 6th. Wall Street Zen raised First Hawaiian from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Weiss Ratings upgraded First Hawaiian from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. Piper Sandler cut their price objective on First Hawaiian from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Monday, February 2nd. Finally, Zacks Research cut First Hawaiian from a "strong-buy" rating to a "hold" rating in a research note on Thursday, December 25th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, First Hawaiian currently has an average rating of "Reduce" and a consensus price target of $27.79.

First Hawaiian Stock Up 0.9%

Shares of First Hawaiian stock traded up $0.22 on Monday, hitting $24.39. The stock had a trading volume of 250,348 shares, compared to its average volume of 1,496,750. First Hawaiian has a one year low of $20.32 and a one year high of $28.35. The stock's 50-day simple moving average is $25.66 and its two-hundred day simple moving average is $25.33. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 1.91 and a beta of 0.71.

First Hawaiian (NASDAQ:FHB - Get Free Report) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.01. The business had revenue of $225.85 million during the quarter, compared to analysts' expectations of $225.33 million. First Hawaiian had a net margin of 23.65% and a return on equity of 10.19%. During the same quarter in the prior year, the company posted $0.41 EPS. As a group, equities analysts predict that First Hawaiian will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

In other First Hawaiian news, Director Craig Scott Wo sold 1,500 shares of the firm's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.21, for a total value of $40,815.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of First Hawaiian by 74.9% during the third quarter. Farther Finance Advisors LLC now owns 1,023 shares of the bank's stock valued at $25,000 after purchasing an additional 438 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in First Hawaiian during the fourth quarter valued at $26,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Hawaiian by 2,916.7% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank's stock valued at $27,000 after buying an additional 1,050 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of First Hawaiian by 45.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,702 shares of the bank's stock worth $43,000 after buying an additional 534 shares during the period. Finally, Eagle Bay Advisors LLC purchased a new position in First Hawaiian during the 4th quarter valued at about $46,000. Institutional investors own 97.63% of the company's stock.

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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