First Foundation Inc (NASDAQ:FFWM) was the target of a large decline in short interest in June. As of June 15th, there was short interest totalling 802,076 shares, a decline of 26.5% from the May 31st total of 1,091,126 shares. Based on an average trading volume of 241,098 shares, the days-to-cover ratio is presently 3.3 days. Approximately 2.5% of the shares of the stock are short sold.
Shares of First Foundation opened at $18.54 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.15 and a quick ratio of 1.11. First Foundation has a 52 week low of $16.08 and a 52 week high of $20.43. The firm has a market cap of $733.11 million, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 2.26 and a beta of 0.74.
First Foundation (NASDAQ:FFWM) last released its quarterly earnings data on Tuesday, April 24th. The bank reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.03). First Foundation had a net margin of 16.05% and a return on equity of 10.22%. The firm had revenue of $43.25 million during the quarter, compared to the consensus estimate of $43.15 million. sell-side analysts forecast that First Foundation will post 1.19 EPS for the current year.
FFWM has been the subject of several research analyst reports. BidaskClub cut shares of First Foundation from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research upgraded shares of First Foundation from a “sell” rating to a “hold” rating in a research report on Friday, March 16th. DA Davidson boosted their price objective on shares of First Foundation from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, June 11th. TheStreet upgraded shares of First Foundation from a “c+” rating to a “b” rating in a research report on Monday, March 19th. Finally, Sandler O’Neill restated a “buy” rating on shares of First Foundation in a research report on Thursday, March 29th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $21.60.
In other news, Director Gerald L. Larsen sold 22,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $18.61, for a total value of $409,420.00. Following the transaction, the director now directly owns 22,000 shares of the company’s stock, valued at approximately $409,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $18.24, for a total value of $182,400.00. Following the completion of the transaction, the chairman now directly owns 20,000 shares in the company, valued at $364,800. The disclosure for this sale can be found here. Insiders sold a total of 94,500 shares of company stock worth $1,792,845 over the last three months. 18.50% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank increased its position in shares of First Foundation by 11.8% in the 4th quarter. Swiss National Bank now owns 52,000 shares of the bank’s stock valued at $964,000 after buying an additional 5,500 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of First Foundation by 7.6% in the 1st quarter. Victory Capital Management Inc. now owns 79,650 shares of the bank’s stock valued at $1,477,000 after buying an additional 5,628 shares in the last quarter. First Trust Advisors LP increased its position in shares of First Foundation by 8.6% in the 4th quarter. First Trust Advisors LP now owns 72,230 shares of the bank’s stock valued at $1,339,000 after buying an additional 5,700 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC bought a new stake in shares of First Foundation in the 4th quarter valued at $155,000. Finally, JPMorgan Chase & Co. increased its position in shares of First Foundation by 7.3% in the 1st quarter. JPMorgan Chase & Co. now owns 123,685 shares of the bank’s stock valued at $2,293,000 after buying an additional 8,467 shares in the last quarter. Institutional investors and hedge funds own 60.22% of the company’s stock.
First Foundation Company Profile
First Foundation Inc, through its subsidiaries, provides financial services to individuals, businesses, and other organizations in the United States. It operates in two segments, Banking; and Investment Management and Wealth Planning. The company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and commercial term loans and lines of credit, as well as consumer loans, such as personal installment loans and lines of credit, and home equity lines of credit.
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