First Hawaiian (NASDAQ:FHB) Price Target Cut to $27.00 by Analysts at Piper Sandler

First Hawaiian (NASDAQ:FHB) had its target price decreased by equities research analysts at Piper Sandler from $30.00 to $27.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target points to a potential upside of 9.67% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of First Hawaiian from $27.00 to $30.00 and gave the stock a “sell” rating in a research report on Tuesday, July 7th. Zacks Research lowered First Hawaiian from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Barclays upped their price target on First Hawaiian from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Stephens upgraded First Hawaiian from an “equal weight” rating to an “overweight” rating and set a $33.00 price target on the stock in a report on Thursday, August 6th. Finally, Wells Fargo & Company reduced their price objective on First Hawaiian from $28.00 to $26.00 and set an “underweight” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $29.38.

First Hawaiian Stock Performance

First Hawaiian stock opened at $24.62 on Thursday. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 1.55 and a beta of 0.72. First Hawaiian has a 52-week low of $22.65 and a 52-week high of $30.58. The stock’s 50 day moving average price is $26.48 and its two-hundred day moving average price is $26.92.

First Hawaiian (NASDAQ:FHB) last released its earnings results on Friday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $231.27 million for the quarter, compared to the consensus estimate 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 previous year, the company earned $0.58 EPS. On average, equities research analysts forecast that First Hawaiian will post 2.37 EPS for the current year.

Institutional Investors Weigh In On First Hawaiian

Several hedge funds and other institutional investors have recently made changes to their positions in FHB. Anchor Investment Management LLC acquired a new stake in shares of First Hawaiian in the 2nd quarter worth about $30,000. Integrated Wealth Concepts LLC lifted its holdings in shares of First Hawaiian by 10.9% in the second quarter. Integrated Wealth Concepts LLC now owns 18,092 shares of the bank’s stock valued at $530,000 after purchasing an additional 1,773 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of First Hawaiian in the second quarter valued at approximately $252,000. IFP Advisors Inc boosted its position in shares of First Hawaiian by 17.9% during the second quarter. IFP Advisors Inc now owns 3,231 shares of the bank’s stock valued at $95,000 after buying an additional 491 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of First Hawaiian by 150.3% during the second quarter. Allworth Financial LP now owns 7,504 shares of the bank’s stock valued at $220,000 after buying an additional 4,506 shares during the last quarter. 97.63% of the stock is owned by institutional investors.

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.