French giant BNP Paribas’ share of First Hawaiian Bank continues to shrink.

Holding company First Hawaiian Inc. said Friday that underwriters of BNP’s secondary stock offering last month purchased their full allotment of 1.53 million shares at $27.56 apiece. The purchase, which was disclosed in a Securities and Exchange Commission filing, reduces BNP’s former majority ownership of First Hawaiian to 48.8 percent, or 66.7 million shares. BNP received all the proceeds from the sale.

The underwriters were Goldman Sachs &Co., Citigroup, JPMorgan Chase and Deutsche Bank. They had the option to make their purchase within 30 days of the secondary offering.

At one time BNP owned 100 percent of First Hawaiian, but it sold a minority stake in the bank through an initial public offering in August 2016 and a January 2017 secondary offering to raise capital so it could meet regulatory requirements.

Last month’s additional secondary offering dropped BNP’s ownership stake of First Hawaiian under 50 percent to 49.9 percent and raised $503.5 million for the Paris bank. The total included $421.7 million that BNP raised by selling 15.3 million shares at $27.56 apiece and an additional $81.8 million that BNP received from First Hawaiian as part of First Hawaiian’s direct buyback of nearly 3 million shares at the same price of $27.56.

First Hawaiian’s stock, which has languished in the mid- to high $20s since its initial public offering at $23 on Aug. 3, 2016, has risen over the last week and is now up 6 percent this year after gaining $1.32, or 4.5 percent, over the last five trading days. The stock was down 16.2 percent in 2017. Analysts have said that BNP’s majority ownership had been limiting the stock’s performance.

First Hawaiian’s stock closed Friday up 7 cents at $30.92, its highest level since Jan. 24 when it closed at $31.40. Its 52-week high was $32.21 on Jan. 12, and its 52-week low was $26.50 on Sept. 7.