Wells Fargo & Company Forecasts Strong Price Appreciation for First Hawaiian (NASDAQ:FHB) Stock

First Hawaiian (NASDAQ:FHB) had its price target raised by equities research analysts at Wells Fargo & Company from $26.00 to $28.00 in a report issued on Monday, MarketBeat.com reports. The firm currently has an “underweight” rating on the bank’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 6.57% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. TD Cowen raised their price objective on shares of First Hawaiian from $28.00 to $29.00 and gave the company a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings raised First Hawaiian from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Stephens set a $28.00 price target on First Hawaiian in a research note on Monday, April 27th. Piper Sandler lifted their price target on First Hawaiian from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price objective on First Hawaiian from $27.00 to $31.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, First Hawaiian currently has a consensus rating of “Reduce” and an average price target of $28.56.

First Hawaiian Price Performance

Shares of NASDAQ FHB opened at $29.97 on Monday. The company has a market cap of $3.65 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.20 and a beta of 0.72. The stock’s 50-day moving average is $27.67 and its two-hundred day moving average is $26.51. First Hawaiian has a 1-year low of $22.65 and a 1-year high of $30.56.

First Hawaiian (NASDAQ:FHB) last announced its quarterly earnings data on Friday, April 24th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $220.35 million during the quarter, compared to the consensus estimate of $223.59 million. First Hawaiian had a return on equity of 10.39% and a net margin of 24.44%.During the same period in the previous year, the company posted $0.47 earnings per share. Equities research analysts anticipate that First Hawaiian will post 2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Oak Thistle LLC purchased a new stake in shares of First Hawaiian in the fourth quarter valued at about $1,243,000. SG Americas Securities LLC lifted its holdings in First Hawaiian by 409.2% in the fourth quarter. SG Americas Securities LLC now owns 89,506 shares of the bank’s stock valued at $2,265,000 after acquiring an additional 71,927 shares during the period. Vanguard Group Inc. lifted its holdings in First Hawaiian by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 14,457,575 shares of the bank’s stock valued at $365,777,000 after acquiring an additional 358,632 shares during the period. Ruffer LLP purchased a new stake in shares of First Hawaiian during the 4th quarter worth $3,028,000. Finally, UBS Group AG grew its stake in shares of First Hawaiian by 176.0% during the 4th quarter. UBS Group AG now owns 1,128,002 shares of the bank’s stock worth $28,538,000 after purchasing an additional 719,312 shares during the period. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

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.