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

First Hawaiian, Inc. (NASDAQ:FHB) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $26.79, but opened at $27.81. First Hawaiian shares last traded at $27.58, with a volume of 37,235 shares traded.

The bank reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. First Hawaiian had a return on equity of 8.83% and a net margin of 18.83%. During the same quarter in the previous year, the business earned $0.37 EPS.

Analysts Set New Price Targets

FHB has been the topic of several analyst reports. Barclays lifted their target price on First Hawaiian from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. The Goldman Sachs Group raised their target price on First Hawaiian from $22.00 to $26.00 and gave the stock a “sell” rating in a research note on Tuesday, November 26th. Wells Fargo & Company upped their target price on First Hawaiian from $21.00 to $22.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised their target price on shares of First Hawaiian from $25.00 to $27.00 and gave the stock an “underweight” rating in a report on Tuesday, December 17th. Finally, Stephens initiated coverage on First Hawaiian in a report on Wednesday, November 27th. They issued an “equal weight” rating and a $30.00 price target for the company. Three research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $26.86.

Institutional Investors Weigh In On First Hawaiian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHB. Squarepoint Ops LLC increased its stake in First Hawaiian by 122.9% during the 2nd quarter. Squarepoint Ops LLC now owns 25,432 shares of the bank’s stock worth $528,000 after buying an additional 14,021 shares during the period. Algert Global LLC purchased a new stake in shares of First Hawaiian in the 2nd quarter valued at about $267,000. Creative Planning boosted its position in shares of First Hawaiian by 10.8% in the 2nd quarter. Creative Planning now owns 22,205 shares of the bank’s stock valued at $461,000 after purchasing an additional 2,156 shares during the period. Sanctuary Advisors LLC purchased a new position in First Hawaiian during the 2nd quarter worth $462,000. Finally, GAMMA Investing LLC increased its holdings in shares of First Hawaiian by 49.1% in the third quarter. GAMMA Investing LLC now owns 3,163 shares of the bank’s stock valued at $73,000 after purchasing an additional 1,041 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

First Hawaiian Price Performance

The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of 15.78 and a beta of 0.99. The business’s 50 day moving average price is $26.41 and its 200-day moving average price is $25.03.

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.