Zacks Investment Research upgraded shares of First Foundation (NASDAQ:FFWM) from a sell rating to a hold rating in a research report released on Friday.
According to Zacks, “First Foundation Inc. engages in providing integrated investment management, wealth planning, consulting, trust and banking services. It operates in two segments, Banking and Wealth Management. The company offers a range of bank deposit products; loan products; specialized services comprising trust services, on-line banking, remote deposit capture, merchant credit card services, ATM cards, Visa debit cards, and business sweep accounts, as well as insurance brokerage services. It offers investment portfolio management and financial planning services; advisory and coordination services and wealth management services. First Foundation Inc. is headquartered in Irvine, California. “
Other equities analysts have also issued research reports about the stock. BidaskClub upgraded shares of First Foundation from a hold rating to a buy rating in a research report on Wednesday, March 7th. B. Riley reiterated a buy rating and set a $22.00 price objective (down previously from $23.00) on shares of First Foundation in a research report on Thursday, February 1st. TheStreet lowered shares of First Foundation from a b rating to a c+ rating in a research report on Tuesday, February 6th. Finally, Piper Jaffray Companies reiterated a hold rating and set a $20.00 price objective on shares of First Foundation in a research report on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $20.70.
First Foundation stock opened at $19.49 on Friday. First Foundation has a 12-month low of $14.67 and a 12-month high of $19.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market cap of $758.77, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 2.18 and a beta of 0.73.
First Foundation (NASDAQ:FFWM) last released its quarterly earnings data on Wednesday, January 31st. The bank reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. First Foundation had a net margin of 15.71% and a return on equity of 10.92%. The business had revenue of $42.60 million during the quarter, compared to analyst estimates of $40.94 million. equities research analysts forecast that First Foundation will post 1.27 EPS for the current fiscal year.
In other news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $18.40, for a total value of $184,000.00. Following the sale, the chairman now owns 20,000 shares of the company’s stock, valued at $368,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Max Briggs sold 5,305 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $19.11, for a total transaction of $101,378.55. Following the completion of the sale, the director now directly owns 6,415 shares in the company, valued at approximately $122,590.65. The disclosure for this sale can be found here. In the last three months, insiders sold 123,791 shares of company stock worth $2,305,802. Insiders own 18.50% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. TCW Group Inc. purchased a new stake in shares of First Foundation in the fourth quarter valued at $840,000. Wedbush Securities Inc. purchased a new stake in shares of First Foundation in the fourth quarter valued at $210,000. OxFORD Asset Management LLP raised its stake in shares of First Foundation by 66.4% in the third quarter. OxFORD Asset Management LLP now owns 26,868 shares of the bank’s stock valued at $481,000 after acquiring an additional 10,723 shares during the period. Castine Capital Management LLC raised its stake in shares of First Foundation by 4.9% in the third quarter. Castine Capital Management LLC now owns 394,289 shares of the bank’s stock valued at $7,054,000 after acquiring an additional 18,416 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in shares of First Foundation by 23.4% in the third quarter. Allianz Asset Management GmbH now owns 155,450 shares of the bank’s stock valued at $2,781,000 after acquiring an additional 29,510 shares during the period. 54.15% of the stock is currently owned by institutional investors and hedge funds.
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About First Foundation
First Foundation Inc is a financial services holding company that provides a platform of personalized financial services to high net-worth individuals and their families, family businesses and other affiliated organizations. The Company conducts its operations through its subsidiaries, First Foundation Advisors (FFA) and First Foundation Bank (FFB), and First Foundation Insurance Services (FFIS), a subsidiary of FFB.
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