Rafferty Asset Management LLC Grows Holdings in First Hawaiian, Inc. $FHB

Rafferty Asset Management LLC boosted its position in First Hawaiian, Inc. (NASDAQ:FHB) by 46.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,504 shares of the bank’s stock after buying an additional 62,813 shares during the quarter. Rafferty Asset Management LLC owned 0.16% of First Hawaiian worth $4,929,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in First Hawaiian by 1.3% in the second quarter. State Street Corp now owns 5,883,194 shares of the bank’s stock valued at $146,845,000 after purchasing an additional 77,478 shares during the last quarter. American Century Companies Inc. increased its stake in shares of First Hawaiian by 131.9% in the third quarter. American Century Companies Inc. now owns 2,891,661 shares of the bank’s stock worth $71,800,000 after buying an additional 1,644,752 shares during the last quarter. Reinhart Partners LLC. increased its stake in shares of First Hawaiian by 0.7% in the third quarter. Reinhart Partners LLC. now owns 2,360,541 shares of the bank’s stock worth $58,613,000 after buying an additional 17,241 shares during the last quarter. Norges Bank acquired a new stake in First Hawaiian in the second quarter valued at $35,362,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in First Hawaiian by 11.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,325,860 shares of the bank’s stock valued at $33,093,000 after acquiring an additional 135,809 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

First Hawaiian Stock Down 0.5%

Shares of FHB stock opened at $25.01 on Wednesday. The company has a market cap of $3.07 billion, a P/E ratio of 11.37, a PEG ratio of 1.99 and a beta of 0.71. The business has a 50 day moving average of $26.38 and a two-hundred day moving average of $25.49. First Hawaiian, Inc. has a 52 week low of $20.32 and a 52 week high of $28.35.

First Hawaiian (NASDAQ:FHB) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. The business had revenue of $225.85 million for the quarter, compared to the consensus estimate of $225.33 million. First Hawaiian had a return on equity of 10.19% and a net margin of 23.65%.During the same quarter last year, the business posted $0.41 EPS. Analysts expect that First Hawaiian, Inc. will post 1.95 EPS for the current fiscal year.

First Hawaiian Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a dividend of $0.26 per share. The ex-dividend date was Friday, February 13th. This represents a $1.04 annualized dividend and a dividend yield of 4.2%. First Hawaiian’s dividend payout ratio is currently 47.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FHB shares. Piper Sandler dropped their target price on shares of First Hawaiian from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, February 2nd. JPMorgan Chase & Co. lifted their price target on First Hawaiian from $28.00 to $29.00 and gave the stock an “underweight” rating in a research note on Monday, February 2nd. Zacks Research cut First Hawaiian from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Hawaiian in a report on Monday, December 29th. Finally, The Goldman Sachs Group set a $27.50 price target on First Hawaiian and gave the company a “sell” rating in a report on Tuesday, January 6th. Six investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $27.50.

Insider Activity

In related news, Director Craig Scott Wo sold 1,500 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.21, for a total value of $40,815.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Alan Arizumi sold 36,460 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.35, for a total transaction of $924,261.00. Following the transaction, the insider directly owned 37,508 shares of the company’s stock, valued at $950,827.80. The trade was a 49.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 45,026 shares of company stock valued at $1,144,928 in the last 90 days. Insiders own 0.61% of the company’s stock.

First Hawaiian Company Profile

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.