First Foundation (NASDAQ:FFWM) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of First Foundation (NASDAQ:FFWM) from a buy rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

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 research analysts have also recently issued reports about the stock. BidaskClub cut shares of First Foundation from a hold rating to a sell rating in a report on Friday, January 10th. B. Riley increased their price target on shares of First Foundation from $19.00 to $21.00 and gave the company a buy rating in a report on Thursday, January 9th. Finally, ValuEngine cut shares of First Foundation from a sell rating to a strong sell rating in a report on Friday, December 13th.

First Foundation stock traded down $0.06 during trading hours on Tuesday, hitting $16.91. The company had a trading volume of 52,792 shares, compared to its average volume of 74,227. The firm has a market cap of $749.29 million, a PE ratio of 14.45 and a beta of 0.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.98 and a quick ratio of 0.88. First Foundation has a one year low of $12.91 and a one year high of $17.64. The firm has a 50-day moving average of $16.92 and a 200 day moving average of $15.37.

First Foundation (NASDAQ:FFWM) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02. The firm had revenue of $57.11 million for the quarter, compared to analysts’ expectations of $56.83 million. First Foundation had a net margin of 19.41% and a return on equity of 9.52%. As a group, research analysts expect that First Foundation will post 1.23 earnings per share for the current year.

In related news, Chairman Ulrich E. Keller, Jr. sold 30,600 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $16.27, for a total transaction of $497,862.00. Also, CFO John Michel sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $15.74, for a total transaction of $78,700.00. Following the sale, the chief financial officer now owns 37,000 shares in the company, valued at approximately $582,380. The disclosure for this sale can be found here. Insiders have sold 82,937 shares of company stock worth $1,356,902 over the last ninety days. Insiders own 13.90% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its position in shares of First Foundation by 257.1% during the 3rd quarter. First Trust Advisors LP now owns 114,052 shares of the bank’s stock worth $1,742,000 after acquiring an additional 82,110 shares in the last quarter. Millennium Management LLC boosted its position in First Foundation by 121.4% in the third quarter. Millennium Management LLC now owns 308,825 shares of the bank’s stock valued at $4,717,000 after buying an additional 169,325 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its position in First Foundation by 29.3% in the third quarter. Metropolitan Life Insurance Co NY now owns 14,018 shares of the bank’s stock valued at $214,000 after buying an additional 3,175 shares in the last quarter. Teton Advisors Inc. boosted its position in First Foundation by 6.8% in the third quarter. Teton Advisors Inc. now owns 71,900 shares of the bank’s stock valued at $1,098,000 after buying an additional 4,600 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in First Foundation by 565.5% in the second quarter. Royal Bank of Canada now owns 3,088 shares of the bank’s stock valued at $42,000 after buying an additional 2,624 shares in the last quarter. Institutional investors and hedge funds own 59.20% 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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