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

First Hawaiian (NASDAQ:FHB) had its price objective lowered by Wells Fargo & Company from $28.00 to $26.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the bank’s stock.

Several other brokerages have also recently weighed in on FHB. Benchmark restated a “hold” rating on shares of First Hawaiian in a report on Tuesday, July 14th. Wall Street Zen raised First Hawaiian from a “sell” rating to a “hold” rating in a report on Sunday, September 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Hawaiian in a research report on Monday, July 6th. TD Cowen reduced their price objective on First Hawaiian from $32.00 to $31.00 and set a “hold” rating on the stock in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.38.

First Hawaiian Trading Up 1.4%

NASDAQ:FHB opened at $25.26 on Wednesday. The company has a market cap of $3.07 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.55 and a beta of 0.76. First Hawaiian has a twelve month low of $22.65 and a twelve month high of $30.58. The company’s 50-day moving average price is $26.34 and its 200-day moving average price is $26.91.

First Hawaiian (NASDAQ:FHB) last announced its quarterly earnings data on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $231.27 million during the quarter, compared to analysts’ expectations of $227.77 million. First Hawaiian had a net margin of 24.41% and a return on equity of 10.27%. During the same quarter in the prior year, the company earned $0.58 EPS. On average, analysts expect that First Hawaiian will post 2.37 earnings per share for the current year.

First Hawaiian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 17th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.04 annualized dividend and a yield of 4.1%. First Hawaiian’s dividend payout ratio (DPR) is 45.22%.

Hedge Funds Weigh In On First Hawaiian

Several large investors have recently modified their holdings of the business. Illinois Municipal Retirement Fund increased its holdings in First Hawaiian by 0.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 65,002 shares of the bank’s stock valued at $1,602,000 after purchasing an additional 397 shares during the last quarter. Evolve Private Wealth LLC raised its position in First Hawaiian by 1.6% in the first quarter. Evolve Private Wealth LLC now owns 26,105 shares of the bank’s stock valued at $643,000 after purchasing an additional 406 shares during the period. IFP Advisors Inc lifted its stake in First Hawaiian by 17.9% during the second quarter. IFP Advisors Inc now owns 3,231 shares of the bank’s stock worth $95,000 after purchasing an additional 491 shares in the last quarter. Parallel Advisors LLC lifted its stake in First Hawaiian by 11.3% during the first quarter. Parallel Advisors LLC now owns 5,171 shares of the bank’s stock worth $127,000 after purchasing an additional 525 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its position in shares of First Hawaiian by 378.5% during the second quarter. Elevation Wealth Partners LLC now owns 933 shares of the bank’s stock worth $27,000 after buying an additional 738 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.

First Hawaiian Company Profile

First Hawaiian, Inc is a bank holding company headquartered in Honolulu, Hawaii, and the parent company of First Hawaiian Bank. Founded in 1858, First Hawaiian Bank is one of the oldest financial institutions in Hawaii and provides banking services to consumers, businesses, and government and institutional customers.

First Hawaiian Bank offers a range of financial products and services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, credit cards, treasury management, online and mobile banking, and wealth management services.