First Hawaiian (NASDAQ:FHB) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Hawaiian (NASDAQ:FHB) announced its earnings results on Friday. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02, FiscalAI reports. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. The business had revenue of $231.27 million for the quarter, compared to the consensus estimate of $227.77 million. During the same period last year, the firm posted $0.58 earnings per share.

First Hawaiian Trading Up 0.8%

Shares of NASDAQ:FHB traded up $0.24 on Friday, reaching $28.89. 718,914 shares of the company traded hands, compared to its average volume of 1,760,445. The business’s 50-day simple moving average is $28.34 and its 200 day simple moving average is $26.84. First Hawaiian has a 52 week low of $22.65 and a 52 week high of $30.58. The stock has a market capitalization of $3.51 billion, a P/E ratio of 12.67, a price-to-earnings-growth ratio of 1.57 and a beta of 0.72.

Institutional Trading of First Hawaiian

A number of institutional investors have recently made changes to their positions in FHB. Royal Bank of Canada increased its position in shares of First Hawaiian by 8.6% in the first quarter. Royal Bank of Canada now owns 165,337 shares of the bank’s stock valued at $4,041,000 after acquiring an additional 13,071 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of First Hawaiian by 9.3% in the first quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank’s stock worth $246,000 after purchasing an additional 856 shares during the last quarter. United Services Automobile Association purchased a new position in First Hawaiian during the 1st quarter valued at about $201,000. Empowered Funds LLC raised its position in First Hawaiian by 10.4% during the 1st quarter. Empowered Funds LLC now owns 16,407 shares of the bank’s stock valued at $401,000 after purchasing an additional 1,542 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Hawaiian by 8.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 425,079 shares of the bank’s stock worth $10,389,000 after buying an additional 31,686 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FHB. Zacks Research raised shares of First Hawaiian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. TD Cowen upped their target price on shares of First Hawaiian from $28.00 to $29.00 and gave the stock a “hold” rating in a research report on Tuesday, April 28th. Wells Fargo & Company upped their price objective on First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Monday, July 6th. JPMorgan Chase & Co. increased their price objective on First Hawaiian from $27.00 to $31.00 and gave the company an “underweight” rating in a research report on Wednesday, July 1st. Finally, Barclays raised their price objective on First Hawaiian from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.25.

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.