Analysts Upgrade First Hawaiian's Stock After Strong Q3 Results
First Hawaiian Inc Impresses with Third Quarter Performance
First Hawaiian Inc (NASDAQ: FHB) has recently showcased exceptional financial results during its third quarter, surprising analysts and investors alike.
Outstanding Earnings Report
The company reported earnings of 59 cents per share, which notably surpassed analysts' expectations by 7 cents. This performance underscores the bank's robust operational strategies and commitment to excellence.
Sales Performance
In addition to earnings, First Hawaiian achieved quarterly sales of $226.391 million, again exceeding the consensus estimate of $218.300 million. This strong revenue generation demonstrates the bank's resilience in a competitive market.
Leadership's Perspective
Bob Harrison, the Chairman, President, and CEO of First Hawaiian Bank, expressed his satisfaction with the results, commenting on the bank's market-leading performance. He highlighted the teamwork and operations that contribute significantly to their financial success and the quality service provided to customers.
Stock Analysis and Price Target Adjustments
Following these promising results, analysts have begun revising their price targets for First Hawaiian. This is indicative of the confidence they hold regarding the company’s future performance.
Analyst Ratings and Insights
- Piper Sandler analyst Matthew Clark maintained a Neutral rating on First Hawaiian, adjusting the price target from $27 to $28.
- JP Morgan's Anthony Elian kept an Underweight rating on the stock, but raised the price target from $26 to $27.
- Barclays analyst Jared Shaw also maintained an Underweight rating, increasing the price target from $25 to $26.
Implications for Investors
For potential investors considering First Hawaiian Inc stock, recent analyst assessments may help in making informed decisions. Understanding the sentiments of these professionals can offer valuable insights into market trends and stock potential.
Current Stock Status
As of the latest trading day, First Hawaiian shares were priced at $24.78. This reflects recent performance and market sentiments following the company's successful quarterly report.
Frequently Asked Questions
What were the earnings per share for First Hawaiian in Q3?
First Hawaiian reported earnings of 59 cents per share, exceeding expectations of 52 cents.
How much were the quarterly sales for First Hawaiian?
The company reported quarterly sales of $226.391 million.
What are the updated price targets for First Hawaiian Inc?
Piper Sandler increased their target to $28, JP Morgan to $27, and Barclays to $26.
What are analysts saying about First Hawaiian's stock?
Analysts are maintaining cautious positions, with some retaining Underweight ratings while others adjust their targets upwards.
Current share price of First Hawaiian?
The current share price is $24.78 as per the latest market data.
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