Zacks Investment Research Lowers First Foundation (FFWM) to Hold
Zacks Investment Research lowered shares of First Foundation (NASDAQ:FFWM) from a buy rating to a hold rating in a research note released on Monday.
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. “
A number of other research firms have also recently commented on FFWM. TheStreet upgraded First Foundation from a c- rating to a b- rating in a research report on Tuesday, October 31st. ValuEngine cut First Foundation from a buy rating to a hold rating in a research report on Monday, October 2nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $19.88.
Shares of First Foundation (NASDAQ:FFWM) traded down $0.30 during midday trading on Monday, reaching $18.78. The company’s stock had a trading volume of 48,000 shares, compared to its average volume of 82,743. The stock has a market cap of $719.31, a P/E ratio of 20.74, a price-to-earnings-growth ratio of 2.85 and a beta of 0.66. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.07 and a quick ratio of 1.02. First Foundation has a 12 month low of $13.64 and a 12 month high of $19.84.
First Foundation (NASDAQ:FFWM) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.03. First Foundation had a return on equity of 10.32% and a net margin of 19.62%. The company had revenue of $38.30 million during the quarter, compared to the consensus estimate of $38.83 million. equities analysts anticipate that First Foundation will post 0.96 earnings per share for the current year.
In related news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $19.23, for a total value of $192,300.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 8,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $16.47, for a total value of $131,760.00. Following the completion of the transaction, the chairman now owns 20,000 shares in the company, valued at approximately $329,400. The disclosure for this sale can be found here. Insiders have sold 94,245 shares of company stock worth $1,585,927 in the last quarter. Insiders own 18.50% of the company’s stock.
A number of hedge funds have recently modified their holdings of FFWM. Vanguard Group Inc. increased its position in First Foundation by 110.5% in the 1st quarter. Vanguard Group Inc. now owns 1,090,599 shares of the bank’s stock valued at $16,915,000 after acquiring an additional 572,520 shares during the period. Kennedy Capital Management Inc. acquired a new position in First Foundation during the 2nd quarter worth approximately $4,926,000. Dimensional Fund Advisors LP increased its position in First Foundation by 156.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 291,576 shares of the bank’s stock worth $4,523,000 after purchasing an additional 177,657 shares during the period. Northpointe Capital LLC increased its position in First Foundation by 68.3% during the 2nd quarter. Northpointe Capital LLC now owns 402,202 shares of the bank’s stock worth $6,608,000 after purchasing an additional 163,212 shares during the period. Finally, Geode Capital Management LLC increased its position in First Foundation by 135.6% during the 1st quarter. Geode Capital Management LLC now owns 223,067 shares of the bank’s stock worth $3,459,000 after purchasing an additional 128,385 shares during the period. Hedge funds and other institutional investors own 50.95% of the company’s stock.
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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