Hawaiian Electric Industries, Inc., through its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. This segment operates 42 branches, including 29 branches in Oahu, 6 branches in Maui, 4 branches in Hawaii, 2 branches in Kauai, and 1 branch in Molokai. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.
IPO Year:
Exchange: NYSE
Website: hei.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 12/3/2024 | $11.50 | Hold | Jefferies |
| 8/23/2024 | $14.00 | Underweight → Equal Weight | Wells Fargo |
| 11/10/2023 | $8.00 → $8.50 | Equal Weight → Underweight | Wells Fargo |
| 8/18/2023 | $25.00 → $8.00 | Underweight → Equal Weight | Wells Fargo |
| 8/18/2022 | $43.00 | Neutral → Underperform | BofA Securities |
| 1/20/2022 | $41.00 | Sell → Neutral | Guggenheim |
Sale simplifies HEI's strategy and regulatory position, allowing HEI to focus on core utility business and regaining financial strength Enables American Savings Bank to continue strong performance and best-in-class service for Hawaii customers Bank to maintain its current local leadership team, branches and brand HEI to use proceeds to reduce debt, increasing flexibility for funding wildfire settlement contributions and key utility initiatives, while reducing equity needs Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) today announced the closing of the sale of 90.1% of the common stock of American Savings Bank, F.S.B (ASB), previously its wholly owned subsidiary, to indep
Operational changes, new technology and Public Safety Power Shutoff lead to estimated 60% reduction in wildfire risk from utility equipment Since launching its expanded wildfire safety strategy one year ago, Hawaiian Electric Company, Inc. ("Hawaiian Electric"), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE:HE) ("HEI"), has made significant improvements that have reduced the wildfire risk from its equipment. Its actions include a Public Safety Power Shutoff (PSPS) program, replacing and testing thousands of utility poles, upgrading miles of overhead power lines, clearing intrusive vegetation near electrical equipment, and installing weather stations and AI-assisted high definit
Signed Settlement Agreements a Key Milestone in Efforts to Regain HEI's Financial Strength 2Q Going Concern Matter Resolved Utility and Bank Operations Remain Solid On November 4, HEI and Other Parties Finalized the Settlement Agreements to Resolve the Maui Wildfire Tort Litigation 3Q24 Net Loss of $104.4 million, or $0.91 Per Share, Includes an Additional $203.0 million ($150.7 million after tax) Accrual for Estimated Wildfire Liabilities From Tort-Related Legal Claims1, and a $35.2 million ($26.1 million after tax) Asset Impairment at Pacific Current Excluding the Additional Accrual of Estimated Wildfire Liabilities, Pacific Current Asset Impairment and Other Maui Wildfire-Related
3Q 2024 Net Income of $18.8 million Net interest margin expanded to 2.82%, up 3 basis points from the prior quarter Continued strong credit quality and capital position American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2024 net income of $18.8 million, compared to a net loss of $45.8 million in the second quarter of 2024 and net income of $11.4 million in the third quarter of 2023. Core net income1 for the quarter was $19.4 million, compared to $20.7 million in the second quarter and $17.6 million in the third quarter of last year. "American Savings Bank continues to perform well, generating
Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its third quarter 2024 financial results on Friday, November 8 and conduct a webcast and conference call to discuss the results at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its third quarter 2024 financial results on Wednesday, October 30. To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com u
Hawaiian Electric Industries, Inc. (NYSE:HE) subsidiary Hawaiian Electric today issued the following response to reports released by the Maui Fire Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives ("ATF") detailing the findings of their investigations into the cause and origin of the Aug. 8, 2023 Maui windstorm and wildfires: The fires in Lahaina and Upcountry Maui were terrible tragedies for our state. The loss and pain experienced by our families, neighbors, customers and employees will never leave our hearts and we are working with many government, community and business partners to keep our communities safe. We appreciate the commitment by the Maui Fire Department
Hawaiian Electric Industries, Inc. (NYSE:HE) ("HEI") today announced that it has successfully closed an offering of newly issued shares of its common stock at a price of $9.25 per share, with net proceeds of approximately $558 million. As noted in a prospectus filed on September 24, HEI intends to use the net proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. HEI is now positioned to pre-fund HEI's expected first settlement payment of approximately $478 million, which is expected to be required no sooner than mid-2025. HEI and Hawaiian Electric's total payment obligation is $1.91 billion (after reflecting a cred
Hawaiian Electric Industries, Inc. (NYSE:HE) ("HEI" or the "Company") today announced that it has priced its previously announced public offering of 54,054,054 shares of its common stock at a price of $9.25 per share. The offering is expected to close on September 25, 2024, subject to customary closing conditions. The Company has granted the underwriters of the offering an option to purchase up to an additional 8,108,108 shares of common stock at the public offering price less underwriting discounts and commissions. HEI intends to use the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. We
Hawaiian Electric Industries, Inc. (NYSE:HE) ("HEI" or the "Company") today announced it intends to make an offering of $500,000,000 of shares of its common stock. The Company's common stock is listed on the New York Stock Exchange under the symbol "HE." The Company intends to grant the underwriters of the offering an option to purchase up to an additional $75,000,000 of shares of common stock at the public offering price less underwriting discounts and commissions. HEI intends to use the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Wells Fargo Securities, LLC and Barclays Capital Inc.
Continued Strength of Utility and Bank Operations Quarter's Results Include Accrual for Previously-Announced Tort Litigation Settlement and Bank's Goodwill Impairment Settlement Will Help Communities to Move Forward and Aid Rebuilding 2Q24 Net Loss of $1.30 billion, or $11.74 per share, Includes Accrual of Estimated Wildfire Liabilities From Tort-related Legal Claims Quarter's Results Also Include Bank's Goodwill Impairment Related to HEI's Ongoing Review of Strategic Options for ASB Excluding Accrual of Estimated Wildfire Liabilities, ASB's Goodwill Impairment, and Other Maui Wildfire-Related Expenses, Results Were Solid for the Quarter, with Core Net Income and Core EPS1 of $
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Jefferies initiated coverage of Hawaiian Electric with a rating of Hold and set a new price target of $11.50
Wells Fargo upgraded Hawaiian Electric from Underweight to Equal Weight and set a new price target of $14.00
Wells Fargo downgraded Hawaiian Electric from Equal Weight to Underweight and set a new price target of $8.50 from $8.00 previously
Wells Fargo upgraded Hawaiian Electric from Underweight to Equal Weight and set a new price target of $8.00 from $25.00 previously
BofA Securities downgraded Hawaiian Electric from Neutral to Underperform and set a new price target of $43.00
Guggenheim upgraded Hawaiian Electric from Sell to Neutral and set a new price target of $41.00
Evercore ISI Group upgraded Hawaiian Electric Indus from Underperform to In-Line and set a new price target of $45.00
BofA Securities upgraded Hawaiian Electric from Underperform to Neutral and set a new price target of $36.00 from $35.00 previously
Bank of America upgraded Hawaiian Electric Industries from Underperform to Neutral
Guggenheim downgraded Hawaiian Electric from Neutral to Sell and set a new price target of $30
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8-K - HAWAIIAN ELECTRIC INDUSTRIES INC (0000354707) (Filer)
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8-K - HAWAIIAN ELECTRIC INDUSTRIES INC (0000354707) (Filer)
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Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Hawaiian Electric Industries, Inc. ("Hawaiian Electric" or the "Company") (NYSE:HE) investors that a lawsuit filed on behalf of investors that purchased Hawaiian Electric securities between February 28, 2019 and August 16, 2023, both dates inclusive (the "Class Period"). Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary cas
HEI Chief Financial Officer Paul Ito to Become CFO of Hawaiian Electric Company Through Approximately December 31, 2024, Following Planned Retirement of Tayne Sekimura Utility Industry Veteran Scott DeGhetto to Join HEI as CFO Until Ito Resumes Position Hawaiian Electric Industries, Inc. (NYSE:HE) ("HEI"), today announced the following leadership plans at HEI and Hawaiian Electric Company, Inc. ("Hawaiian Electric"), a subsidiary of HEI, effective October 1, 2023: Hawaiian Electric SVP, CFO & Treasurer Tayne Sekimura will retire on September 30, 2023, after 32 years of service. Sekimura's retirement plans were announced internally early this year. Hawaiian Electric is at an unprec
A&B's planned leadership transition continues with the appointment of Lance Parker as a director HONOLULU, June 30, 2023 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE:ALEX) ("A&B" or "Company"), a Hawai'i-based company focused on owning, operating, and developing high-quality commercial real estate in Hawai'i, announced that Shelee Kimura has been appointed to serve on its Board of Directors, effective July 1, 2023. Kimura joins the Board after the departure of Michele Saito, who has been a director since 2012. "I am so pleased to welcome Shelee Kimura to our Board of Direct
HONOLULU, Jan. 3, 2023 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE), the parent company to Hawaiian Electric Company, Inc. (Hawaiian Electric) and American Savings Bank, F.S.B. (ASB), has appointed Paul K. Ito as executive vice president and chief financial officer (CFO), effective January 1, 2023. Ito has been serving as HEI's interim CFO since July 2022. Ito was selected following a broad, national search conducted by the HEI leadership team and its board of directors. Ito has been with HEI since 2018, where he has served as vice president of tax, contr
Signed Settlement Agreements a Key Milestone in Efforts to Regain HEI's Financial Strength 2Q Going Concern Matter Resolved Utility and Bank Operations Remain Solid On November 4, HEI and Other Parties Finalized the Settlement Agreements to Resolve the Maui Wildfire Tort Litigation 3Q24 Net Loss of $104.4 million, or $0.91 Per Share, Includes an Additional $203.0 million ($150.7 million after tax) Accrual for Estimated Wildfire Liabilities From Tort-Related Legal Claims1, and a $35.2 million ($26.1 million after tax) Asset Impairment at Pacific Current Excluding the Additional Accrual of Estimated Wildfire Liabilities, Pacific Current Asset Impairment and Other Maui Wildfire-Related
3Q 2024 Net Income of $18.8 million Net interest margin expanded to 2.82%, up 3 basis points from the prior quarter Continued strong credit quality and capital position American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2024 net income of $18.8 million, compared to a net loss of $45.8 million in the second quarter of 2024 and net income of $11.4 million in the third quarter of 2023. Core net income1 for the quarter was $19.4 million, compared to $20.7 million in the second quarter and $17.6 million in the third quarter of last year. "American Savings Bank continues to perform well, generating
Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its third quarter 2024 financial results on Friday, November 8 and conduct a webcast and conference call to discuss the results at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its third quarter 2024 financial results on Wednesday, October 30. To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com u
Continued Strength of Utility and Bank Operations Quarter's Results Include Accrual for Previously-Announced Tort Litigation Settlement and Bank's Goodwill Impairment Settlement Will Help Communities to Move Forward and Aid Rebuilding 2Q24 Net Loss of $1.30 billion, or $11.74 per share, Includes Accrual of Estimated Wildfire Liabilities From Tort-related Legal Claims Quarter's Results Also Include Bank's Goodwill Impairment Related to HEI's Ongoing Review of Strategic Options for ASB Excluding Accrual of Estimated Wildfire Liabilities, ASB's Goodwill Impairment, and Other Maui Wildfire-Related Expenses, Results Were Solid for the Quarter, with Core Net Income and Core EPS1 of $
2Q 2024 net loss of $45.8 million reflects after-tax goodwill impairment of $66.1 million in connection with HEI's ongoing review of strategic options for ASB Excluding the non-cash goodwill impairment, and excluding after-tax Maui wildfire-related expenses of $0.3 million, ASB's core net income1 for the second quarter was $20.7 million, compared to $20.9 million in the first quarter of 2024 and $20.2 million in the second quarter of 2023 Non-cash goodwill impairment has no impact on ASB's liquidity or ability to serve customers' financial needs Net interest margin expanded to 2.79%, up 4 basis points from the prior quarter Strong credit quality and another release of reserves
Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its second quarter 2024 financial results on Friday, August 9 and conduct a webcast and conference call to discuss the results at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its second quarter 2024 financial results on Tuesday, July 30. To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under
1Q24 Net Income of $42.1 million and Diluted Earnings Per Share (EPS) of $0.38 Utility Continues to Operate Efficiently While Advancing Wildfire Mitigation and Resilience Efforts One ‘Ohana Initiative Progressing, With 43 Decedent and 15 Physical Injury Registrants to Date Bank's Strategic Balance Sheet Repositioning Executed in the Previous Quarter Contributed to Improved Profitability and Net Interest Margin Bank's Release of Maui Wildfire-Related Reserves Reflects Better Outlook for Maui Economy Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2024 of $42.1 million and EPS of $0.38 compared
1Q 2024 Net Income of $20.9 million, an increase of 12.8% from 1Q 2023 Strategic Balance Sheet Repositioning Executed in the Fourth Quarter of 2023 Contributed to Improved Profitability and Net Interest Margin Expansion Release of Maui Wildfire-Related Reserves Reflects Brighter Outlook for Maui Economy Strong Credit Quality, Liquidity and Capital Position American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported first quarter 2024 net income of $20.9 million compared to $3.2 million in the fourth quarter of 2023 and $18.6 million in the first quarter of 2023. Net income for the quarter reflected the rel
Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its first quarter 2024 financial results on Friday, May 10 and conduct a webcast and conference call to discuss the results at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time). In addition, American Savings Bank, F.S.B. (ASB), a wholly owned indirect subsidiary of HEI, will announce its first quarter 2024 financial results on Tuesday, April 30. To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under "I
Full Year Net Income of $199.2 million and Diluted Earnings Per Share (EPS) of $1.81 2023 Results Include $14.1 Million of After-tax Maui Wildfire-Related Expenses and an $11.0 Million After-tax Loss Resulting from ASB's Fourth Quarter Balance Sheet Repositioning Core Businesses Continue to Perform Well Utility Continuing to Progress Resilience Work in West Maui ASB's Balance Sheet Repositioning Strengthens Balance Sheet and Positions Bank for Improved Net Interest Margin and Profitability Strong Credit Quality and Capital Position at ASB Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI) today reported full year 2023 consolidated net income for common stock of $199.2 milli