UPDATE: Raymond James Starts First Hawaiian (FHB) at Market Perform
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(Updated - July 8, 2021 6:54 AM EDT)
Raymond James analyst David Feaster initiates coverage on First Hawaiian (NASDAQ: FHB) with a Market Perform rating.
The analyst commented, "Headquartered in Honolulu, Hawaii, First Hawaiian, Inc. is a one of Hawaii's oldest and largest financial institutions. The Hawaiian economy is earlier in the economic recovery than the rest of the country, as tourism restrictions are just now being lifted, which should help fuel improving economic and travel trends going forward. In turn, we believe FHB is positioned for improving credit trends as well as accelerating loan growth into 2022, especially in light of the potential for improving C&I utilization and recovering dealer floorplan balances. Additionally, the bank maintains an enviable low-cost core deposit base, where management has effectively deployed growing excess liquidity into securities to help support NII."
Shares of First Hawaiian closed at $28.50 yesterday.
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