Granite Investment Partners LLC Reduces Position in First Hawaiian, Inc. $FHB

Granite Investment Partners LLC trimmed its position in shares of First Hawaiian, Inc. (NASDAQ:FHB) by 31.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 443,787 shares of the bank’s stock after selling 200,583 shares during the period. Granite Investment Partners LLC owned about 0.36% of First Hawaiian worth $11,019,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FHB. State Street Corp grew its stake in shares of First Hawaiian by 1.3% during the second quarter. State Street Corp now owns 5,883,194 shares of the bank’s stock valued at $146,845,000 after buying an additional 77,478 shares during the last quarter. Reinhart Partners LLC. grew its position in First Hawaiian by 0.7% in the 3rd quarter. Reinhart Partners LLC. now owns 2,360,541 shares of the bank’s stock valued at $58,613,000 after acquiring an additional 17,241 shares during the last quarter. Norges Bank purchased a new stake in First Hawaiian in the second quarter worth $35,362,000. Arrowstreet Capital Limited Partnership lifted its position in shares of First Hawaiian by 11.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,325,860 shares of the bank’s stock worth $33,093,000 after purchasing an additional 135,809 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of First Hawaiian by 109.9% during the second quarter. AQR Capital Management LLC now owns 666,946 shares of the bank’s stock valued at $16,647,000 after purchasing an additional 349,231 shares during the period. Institutional investors own 97.63% of the company’s stock.

Analyst Upgrades and Downgrades

FHB has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Hawaiian in a research note on Monday, December 29th. Piper Sandler reduced their target price on shares of First Hawaiian from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, February 2nd. Zacks Research lowered First Hawaiian from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 25th. Barclays raised First Hawaiian from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $26.00 to $28.00 in a research note on Tuesday, November 11th. Finally, The Goldman Sachs Group set a $27.50 target price on First Hawaiian and gave the company a “sell” rating in a research report on Tuesday, January 6th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $27.50.

Insider Activity

In other First Hawaiian news, insider Alan Arizumi sold 36,460 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.35, for a total value of $924,261.00. Following the completion of the transaction, the insider directly owned 37,508 shares in the company, valued at approximately $950,827.80. The trade was a 49.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Craig Scott Wo sold 1,500 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.21, for a total transaction of $40,815.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 45,026 shares of company stock worth $1,144,928 in the last quarter. 0.61% of the stock is owned by insiders.

First Hawaiian Stock Up 0.6%

Shares of NASDAQ:FHB opened at $26.39 on Monday. The firm has a 50 day moving average of $26.53 and a 200 day moving average of $25.45. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 2.09 and a beta of 0.73. First Hawaiian, Inc. has a 52 week low of $20.32 and a 52 week high of $28.35.

First Hawaiian (NASDAQ:FHB) last announced its earnings results on Friday, January 30th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.01. The business had revenue of $199.68 million for the quarter, compared to analysts’ expectations of $225.33 million. First Hawaiian had a return on equity of 10.19% and a net margin of 23.65%.During the same quarter last year, the firm earned $0.41 EPS. On average, sell-side analysts expect that First Hawaiian, Inc. will post 1.95 EPS for the current year.

First Hawaiian Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, February 13th. First Hawaiian’s payout ratio is 47.27%.

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.