First Western Financial (NASDAQ:MYFW) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

First Western Financial (NASDAQ:MYFW) released its quarterly earnings results on Thursday. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01, FiscalAI reports. First Western Financial had a return on equity of 5.74% and a net margin of 8.02%.The business had revenue of $28.14 million during the quarter, compared to the consensus estimate of $28.57 million.

First Western Financial Stock Performance

NASDAQ:MYFW traded down $0.78 during midday trading on Friday, hitting $31.43. The company’s stock had a trading volume of 24,197 shares, compared to its average volume of 39,958. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.05 and a quick ratio of 1.04. The firm’s 50 day moving average is $30.76 and its 200-day moving average is $27.64. First Western Financial has a fifty-two week low of $20.40 and a fifty-two week high of $34.36. The firm has a market cap of $305.82 million, a P/E ratio of 20.28 and a beta of 0.71.

Insiders Place Their Bets

In other First Western Financial news, CEO Scott C. Wylie sold 1,083 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $28.52, for a total value of $30,887.16. Following the completion of the transaction, the chief executive officer directly owned 756,729 shares of the company’s stock, valued at approximately $21,581,911.08. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.10% of the company’s stock.

Hedge Funds Weigh In On First Western Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its stake in shares of First Western Financial by 37.1% in the third quarter. BNP Paribas Financial Markets now owns 1,631 shares of the company’s stock worth $38,000 after acquiring an additional 441 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of First Western Financial during the 3rd quarter worth approximately $49,000. JPMorgan Chase & Co. raised its holdings in shares of First Western Financial by 26.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,350 shares of the company’s stock valued at $169,000 after buying an additional 1,555 shares during the period. Jane Street Group LLC purchased a new stake in First Western Financial during the 2nd quarter worth approximately $245,000. Finally, Wells Fargo & Company MN boosted its holdings in First Western Financial by 45.2% in the fourth quarter. Wells Fargo & Company MN now owns 10,605 shares of the company’s stock valued at $284,000 after purchasing an additional 3,299 shares during the period. 60.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MYFW. Keefe, Bruyette & Woods upped their price target on shares of First Western Financial from $29.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 25th. Zacks Research lowered shares of First Western Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 25th. Piper Sandler boosted their price objective on shares of First Western Financial from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of First Western Financial in a report on Tuesday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, First Western Financial currently has an average rating of “Moderate Buy” and an average price target of $30.00.

About First Western Financial

First Western Financial, Inc (NASDAQ: MYFW) is a Denver-based bank holding company that, through its principal subsidiary First Western Trust, delivers a suite of personalized financial services. The company’s core activities center on wealth management and trust administration for high-net-worth individuals, families and institutions. In addition, First Western Financial offers a comprehensive range of deposit products—such as checking accounts, savings accounts, money market funds and certificates of deposit—designed to meet the liquidity and income needs of its clients.

Complementing its deposit offerings, First Western Financial provides fiduciary and investment management services, including estate planning, charitable giving strategies and multi-generational wealth transfer.