First Hawaiian (NASDAQ:FHB) Shares Gap Down – Here’s What Happened

First Hawaiian, Inc. (NASDAQ:FHB) shares gapped down before the market opened on Monday . The stock had previously closed at $30.13, but opened at $28.05. First Hawaiian shares last traded at $28.6330, with a volume of 914,037 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FHB. Barclays boosted their price target on First Hawaiian from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price objective on shares of First Hawaiian from $27.00 to $31.00 and gave the company an “underweight” rating in a report on Wednesday, July 1st. Stephens set a $28.00 price objective on shares of First Hawaiian in a research report on Monday, April 27th. Wells Fargo & Company increased their target price on shares of First Hawaiian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. Finally, TD Cowen raised their target price on First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $29.12.

First Hawaiian Stock Performance

The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.66 and a beta of 0.72. The company has a 50 day moving average price of $27.98 and a two-hundred day moving average price of $26.64.

First Hawaiian (NASDAQ:FHB) last posted its quarterly earnings data on Friday, April 24th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. First Hawaiian had a net margin of 24.44% and a return on equity of 10.39%. The business had revenue of $220.35 million for the quarter, compared to the consensus estimate of $223.59 million. During the same period last year, the firm posted $0.47 earnings per share. On average, equities analysts expect that First Hawaiian, Inc. will post 2.35 earnings per share for the current fiscal year.

First Hawaiian Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.6%. First Hawaiian’s dividend payout ratio is currently 45.61%.

Hedge Funds Weigh In On First Hawaiian

Several large investors have recently made changes to their positions in FHB. Royal Bank of Canada grew its stake 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 worth $4,041,000 after acquiring an additional 13,071 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of First Hawaiian by 9.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 10,060 shares of the bank’s stock valued at $246,000 after purchasing an additional 856 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of First Hawaiian in the first quarter valued at approximately $201,000. Empowered Funds LLC grew its holdings in shares of First Hawaiian by 10.4% during the first quarter. Empowered Funds LLC now owns 16,407 shares of the bank’s stock worth $401,000 after buying an additional 1,542 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of First Hawaiian by 8.1% during the first 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 purchasing an additional 31,686 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

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.