Fintel reports that on August 18, 2023, Wells Fargo upgraded their outlook for Hawaiian Electric Industries (NYSE:HE) from Underweight to Equal-Weight.

Analyst Price Forecast Suggests 215.84% Upside

As of August 2, 2023, the average one-year price target for Hawaiian Electric Industries is 38.00. The forecasts range from a low of 32.32 to a high of $46.20. The average price target represents an increase of 215.84% from its latest reported closing price of 12.03.

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The projected annual revenue for Hawaiian Electric Industries is 3,669MM, a decrease of 5.57%. The projected annual non-GAAP EPS is 2.39.

Hawaiian Electric Industries Declares $0.36 Dividend

On August 3, 2023 the company declared a regular quarterly dividend of $0.36 per share ($1.44 annualized). Shareholders of record as of August 18, 2023 will receive the payment on September 8, 2023. Previously, the company paid $0.36 per share.

At the current share price of $12.03 / share, the stock’s dividend yield is 11.97%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.38%, the lowest has been 2.62%, and the highest has been 6.71%. The standard deviation of yields is 0.40 (n=235).

The current dividend yield is 21.44 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 0.69. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.09%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 646 funds or institutions reporting positions in Hawaiian Electric Industries. This is a decrease of 3 owner(s) or 0.46% in the last quarter. Average portfolio weight of all funds dedicated to HE is 0.12%, a decrease of 1.34%. Total shares owned by institutions increased in the last three months by 0.85% to 65,195K shares. The put/call ratio of HE is 1.88, indicating a bearish outlook.

What are Other Shareholders Doing?

Nordea Investment Management Ab holds 3,984K shares representing 3.64% ownership of the company. In it’s prior filing, the firm reported owning 4,109K shares, representing a decrease of 3.13%. The firm decreased its portfolio allocation in HE by 14.31% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,383K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 3,342K shares, representing an increase of 1.21%. The firm decreased its portfolio allocation in HE by 14.24% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 3,377K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 3,381K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in HE by 12.27% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 2,865K shares representing 2.61% ownership of the company. In it’s prior filing, the firm reported owning 2,820K shares, representing an increase of 1.55%. The firm decreased its portfolio allocation in HE by 10.55% over the last quarter.

First Trust Advisors holds 2,095K shares representing 1.91% ownership of the company. In it’s prior filing, the firm reported owning 2,035K shares, representing an increase of 2.88%. The firm decreased its portfolio allocation in HE by 8.40% over the last quarter.

Hawaiian Electric Industries Background Information
(This description is provided by the company.)

Hawaiian Electric Industries, Inc. is the largest supplier of electricity in the state of Hawaii, supplying power to 95% of Hawaiis population through its electric utilities: Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited.

This article originally appeared on Fintel

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