NEW YORK (TheStreet) -- Shares of First Hawaiian (FHB) - Get First Hawaiian, Inc. Reportwere lower in early afternoon trade on Monday as Goldman Sachs initiated coverage of the stock with a "neutral" rating.
The firm has a $27 price target on shares of the Honolulu-based bank.
The company began trading on the NASDAQ on August 4 with an initial public offering of 24.25 million shares. The shares were sold by an affiliate of BNP Paribas (BNPQY), First Hawaiian's parent company, according to a company statement.
"First Hawaiian is the largest lender in Hawaii with 36.5% deposit market share," Goldman noted.
Additionally, Barclays initiated coverage of the stock today with an "overweight" rating and $29 price target.
The firm said that Hawaii's economy is hitting on all cylinders, and that First Hawaiian's "significant investment positives" more than compensate for its risks.
Wells Fargo, Citigroup and JPMorgan also initiated coverage on the company this morning with "market perform," "neutral" and "overweight" ratings, respectively.