First Hawaiian (NASDAQ:FHB) Shares Gap Up After Better-Than-Expected Earnings

First Hawaiian, Inc. (NASDAQ:FHB) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $23.99, but opened at $24.92. First Hawaiian shares last traded at $24.41, with a volume of 25,320 shares trading hands.

The bank reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. The business had revenue of $210.00 million during the quarter, compared to analysts’ expectations of $204.83 million. First Hawaiian had a net margin of 18.83% and a return on equity of 8.96%.

First Hawaiian Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Monday, November 18th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Monday, November 18th. First Hawaiian’s dividend payout ratio is currently 60.12%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Piper Sandler increased their target price on First Hawaiian from $22.00 to $27.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Barclays increased their price objective on shares of First Hawaiian from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. cut their price objective on shares of First Hawaiian from $24.00 to $23.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their target price on shares of First Hawaiian from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Wells Fargo & Company cut their price target on First Hawaiian from $22.00 to $20.00 and set an “underweight” rating on the stock in a report on Tuesday, October 1st. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $24.17.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First Hawaiian by 5.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,229 shares of the bank’s stock worth $237,000 after buying an additional 488 shares during the last quarter. Whittier Trust Co. raised its holdings in First Hawaiian by 68.7% during the second quarter. Whittier Trust Co. now owns 1,245 shares of the bank’s stock worth $26,000 after acquiring an additional 507 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in First Hawaiian by 8.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,135 shares of the bank’s stock valued at $163,000 after purchasing an additional 550 shares during the last quarter. Blue Trust Inc. grew its stake in First Hawaiian by 51.5% in the third quarter. Blue Trust Inc. now owns 1,838 shares of the bank’s stock valued at $43,000 after purchasing an additional 625 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew its stake in First Hawaiian by 32.5% in the second quarter. Abich Financial Wealth Management LLC now owns 2,628 shares of the bank’s stock valued at $55,000 after purchasing an additional 644 shares in the last quarter. Institutional investors own 97.63% of the company’s stock.

First Hawaiian Stock Performance

The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 13.85 and a beta of 0.98. The company has a 50-day simple moving average of $23.50 and a two-hundred day simple moving average of $22.38.

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.