First Foundation Inc. (NASDAQ:FFWM – Get Rating) – Wedbush analysts raised their fiscal 2023 earnings per share estimates for First Foundation in a report released Tuesday, April 26. Wedbush analyst D. Chiaverini now expects the bank to post earnings of $2.40 per share for the year, up from its previous estimate of $2.30. First Foundation (NASDAQ:FFWM – Get Rating) last announced its quarterly results on Tuesday, April 26. The bank reported earnings per share of $0.55 for the quarter, beating analysts’ consensus estimate of $0.51 by $0.04. First Foundation had a return on equity of 13.36% and a net margin of 34.47%. In the same period of the previous year, the company had earned earnings per share of $0.50.
Other stock analysts have also released reports on the company. B. Riley lowered his price target on First Foundation from $34.00 to $31.00 in a Tuesday, April 12 research note. Zacks Investment Research upgraded First Foundation from a “sell” rating to a “hold” rating in a Thursday, February 3, research note. StockNews.com launched coverage on First Foundation in a research note on Thursday, March 31. They issued a “hold” rating on the stock. Finally, Stephens took on First Foundation coverage in a Wednesday, February 2, research note. They issued an “overweight” rating and a price target of $32.00 on the stock. Two analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $31.00.
The Foundation’s first shares opened at $22.08 on Friday. The company has a debt ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.95. The company’s 50-day simple moving average is $24.66 and its 200-day simple moving average is $25.90. The company has a market capitalization of $1.25 billion, a PE ratio of 9.12 and a beta of 1.24. First Foundation has a 52-week low of $21.25 and a 52-week high of $29.41.
A number of institutional investors and hedge funds have recently changed their holdings to FFWM. FMR LLC increased its stake in the shares of First Foundation by 6.6% in the 1st quarter. FMR LLC now owns 4,000,694 shares of the bank valued at $54,289,000 after purchasing an additional 247,100 shares during the period. BlackRock Inc. increased its stake in First Foundation shares by 5.8% in Q4. BlackRock Inc. now owns 3,126,278 shares of the bank valued at $77,719,000 after purchasing an additional 171,563 shares during the period. Russell Investments Group Ltd. increased its stake in First Foundation shares by 1.5% in Q3. Russell Investments Group Ltd. now owns 1,598,708 shares of the bank valued at $42,043,000 after purchasing an additional 23,344 shares during the period. Macquarie Group Ltd. increased its stake in First Foundation shares by 1.0% in Q3. Macquarie Group Ltd. now owns 1,096,105 shares of the bank valued at $28,828,000 after purchasing an additional 11,023 shares during the period. Finally, Jennison Associates LLC increased its stake in First Foundation shares by 5.9% in the third quarter. Jennison Associates LLC now owns 1,056,218 shares of the bank valued at $27,779,000 after purchasing an additional 58,995 shares during the period. Hedge funds and other institutional investors own 69.39% of the company’s shares.
In other news, Director Diane M. Rubin bought 1,000 shares in a trade that took place on Monday, February 7. The shares were purchased at an average cost of $26.53 per share, for a total transaction of $26,530.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Insiders hold 13.90% of the shares of the company.
The company also recently declared a quarterly dividend, which will be paid on Monday, May 16. Investors of record on Friday, May 6 will receive a dividend of $0.11 per share. The ex-date of this dividend is Thursday, May 5. This represents an annualized dividend of $0.44 and a yield of 1.99%. First Foundation’s dividend payout ratio is 18.18%.
About First Foundation (Get an assessment)
First Foundation Inc, through its subsidiaries, provides retail, corporate and private wealth management banking services in the United States. It operates through two segments, Banking and Wealth Management. The Company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable promissory withdrawal accounts, money market accounts and term deposit certificates; and lending products consisting of multi-family 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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