First Hawaiian, Inc. (NASDAQ:FHB – Get Free Report) announced a quarterly dividend on Wednesday, October 18th, Zacks reports. Stockholders of record on Monday, November 20th will be paid a dividend of 0.26 per share by the bank on Friday, December 1st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date is Friday, November 17th.
First Hawaiian has a payout ratio of 60.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Hawaiian to earn $1.72 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 60.5%.
First Hawaiian Price Performance
NASDAQ FHB opened at $19.48 on Wednesday. The company has a market cap of $2.49 billion, a P/E ratio of 9.32 and a beta of 1.04. The stock has a 50-day moving average of $18.10 and a two-hundred day moving average of $18.49. First Hawaiian has a 1-year low of $15.08 and a 1-year high of $28.28.
Hedge Funds Weigh In On First Hawaiian
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in First Hawaiian in the 4th quarter valued at $34,342,000. State Street Corp lifted its stake in shares of First Hawaiian by 19.0% in the 2nd quarter. State Street Corp now owns 6,139,948 shares of the bank’s stock worth $110,580,000 after acquiring an additional 979,494 shares during the period. Balyasny Asset Management LLC boosted its holdings in shares of First Hawaiian by 917.9% in the third quarter. Balyasny Asset Management LLC now owns 917,431 shares of the bank’s stock valued at $22,596,000 after acquiring an additional 827,297 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of First Hawaiian by 4.7% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,037,353 shares of the bank’s stock worth $289,591,000 after acquiring an additional 629,893 shares during the period. Finally, Northern Trust Corp raised its holdings in First Hawaiian by 27.8% during the first quarter. Northern Trust Corp now owns 1,401,235 shares of the bank’s stock worth $39,081,000 after purchasing an additional 304,823 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on FHB shares. Wells Fargo & Company dropped their price objective on shares of First Hawaiian from $20.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 4th. StockNews.com began coverage on First Hawaiian in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, The Goldman Sachs Group lifted their price target on First Hawaiian from $18.00 to $20.00 and gave the stock a “sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, First Hawaiian has a consensus rating of “Hold” and a consensus price target of $21.20.
About First Hawaiian
First Hawaiian, Inc operates as a bank holding company for First Hawaiian Bank that provides a range of banking products and services to consumer and commercial customers in the United States. It operates through three segments: Retail Banking, Commercial Banking, and Treasury and Other. The company accepts various deposit products, include checking and savings accounts, and other deposit accounts.
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