Cresset Asset Management LLC Acquires Shares of 23,775 First Hawaiian, Inc. $FHB

Cresset Asset Management LLC bought a new position in First Hawaiian, Inc. (NASDAQ:FHB) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,775 shares of the bank’s stock, valued at approximately $590,000.

A number of other large investors also recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in shares of First Hawaiian by 3.2% during the third quarter. Victory Capital Management Inc. now owns 439,134 shares of the bank’s stock valued at $10,904,000 after purchasing an additional 13,528 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in First Hawaiian by 94.2% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 51,139 shares of the bank’s stock worth $1,270,000 after purchasing an additional 24,805 shares during the last quarter. Rafferty Asset Management LLC raised its position in First Hawaiian by 46.3% in the 3rd quarter. Rafferty Asset Management LLC now owns 198,504 shares of the bank’s stock worth $4,929,000 after purchasing an additional 62,813 shares during the last quarter. American Century Companies Inc. lifted its holdings in First Hawaiian by 131.9% during the 3rd 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 in the last quarter. Finally, Quantbot Technologies LP bought a new position in First Hawaiian in the 3rd quarter valued at $206,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

First Hawaiian Stock Performance

FHB opened at $24.02 on Thursday. The company has a fifty day moving average price of $26.22 and a two-hundred day moving average price of $25.48. The firm has a market capitalization of $2.95 billion, a PE ratio of 10.92, a P/E/G ratio of 1.91 and a beta of 0.71. First Hawaiian, Inc. has a 52 week low of $20.32 and a 52 week high of $28.35.

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

First Hawaiian Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.04 annualized dividend and a yield of 4.3%. First Hawaiian’s dividend payout ratio is presently 47.27%.

Insider Transactions at First Hawaiian

In other First Hawaiian news, Director Craig Scott Wo sold 1,500 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $27.21, for a total transaction of $40,815.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.

First Hawaiian 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.