First Foundation Inc. (NASDAQ:FFWM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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 analysts have also recently weighed in on FFWM. FBR & Co upped their price target on shares of First Foundation from $16.00 to $18.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 25th. Piper Jaffray Companies started coverage on shares of First Foundation in a research report on Friday, May 12th. They set a “neutral” rating and a $18.00 price target for the company. ValuEngine raised shares of First Foundation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson reaffirmed a “buy” rating and set a $19.50 price target on shares of First Foundation in a research report on Monday, June 19th. Finally, BidaskClub cut shares of First Foundation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $19.13.
First Foundation (NASDAQ FFWM) traded down 0.57% on Wednesday, reaching $17.36. The company had a trading volume of 46,056 shares. First Foundation has a 52-week low of $11.64 and a 52-week high of $18.16. The stock’s 50-day moving average price is $16.68 and its 200 day moving average price is $15.93. The firm has a market capitalization of $592.90 million, a price-to-earnings ratio of 18.31 and a beta of 0.65.
First Foundation (NASDAQ:FFWM) last announced its quarterly earnings results on Friday, July 28th. The bank reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.07. First Foundation had a net margin of 20.14% and a return on equity of 11.09%. The firm had revenue of $37.59 million during the quarter, compared to analysts’ expectations of $36.38 million. On average, equities analysts anticipate that First Foundation will post $0.94 earnings per share for the current fiscal year.
In other First Foundation news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $16.38, for a total value of $163,800.00. Following the completion of the transaction, the chairman now directly owns 20,000 shares of the company’s stock, valued at approximately $327,600. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 18.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its position in First Foundation by 101.4% in the first quarter. Legal & General Group Plc now owns 8,166 shares of the bank’s stock worth $127,000 after buying an additional 4,112 shares during the last quarter. Bank of Montreal Can purchased a new position in First Foundation during the first quarter worth $138,000. Alliancebernstein L.P. purchased a new position in First Foundation during the first quarter worth $192,000. Hollencrest Securities LLC purchased a new position in First Foundation during the second quarter worth $207,000. Finally, Citadel Advisors LLC boosted its position in First Foundation by 3.7% in the first quarter. Citadel Advisors LLC now owns 13,975 shares of the bank’s stock worth $217,000 after buying an additional 496 shares during the last quarter. 50.77% of the stock is owned by institutional investors.
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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