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

First Hawaiian, Inc. (NASDAQ:FHB) shares gapped up before the market opened on Friday following a better than expected earnings announcement. 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 earnings per share (EPS) for the quarter, topping 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 announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Monday, November 18th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Monday, November 18th. First Hawaiian’s payout ratio is currently 60.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FHB shares. Piper Sandler raised their price target on First Hawaiian from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Wells Fargo & Company cut their price target on First Hawaiian from $22.00 to $20.00 and set an “underweight” rating for the company in a report on Tuesday, October 1st. The Goldman Sachs Group increased their price objective on shares of First Hawaiian from $21.00 to $24.00 and gave the stock a “sell” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods boosted 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, JPMorgan Chase & Co. decreased their price target on shares of First Hawaiian from $24.00 to $23.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $24.17.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its position in shares of First Hawaiian by 58.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,020 shares of the bank’s stock valued at $163,000 after acquiring an additional 2,600 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Hawaiian by 5.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,229 shares of the bank’s stock worth $237,000 after purchasing an additional 488 shares during the period. International Assets Investment Management LLC increased its holdings in First Hawaiian by 3,218.7% in the third quarter. International Assets Investment Management LLC now owns 31,229 shares of the bank’s stock valued at $7,230,000 after purchasing an additional 30,288 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in First Hawaiian in the third quarter valued at about $51,000. Finally, Raymond James & Associates boosted its holdings in First Hawaiian by 6.7% during the third quarter. Raymond James & Associates now owns 1,152,785 shares of the bank’s stock worth $26,687,000 after buying an additional 72,816 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

First Hawaiian Stock Performance

The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 13.85 and a beta of 0.98. The company has a 50-day moving average price of $23.50 and a 200-day moving average price 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.