First Foundation Inc (NASDAQ:FFWM) – Equities researchers at Piper Jaffray Companies cut their Q1 2019 earnings estimates for First Foundation in a report released on Friday, February 8th. Piper Jaffray Companies analyst M. Clark now expects that the bank will earn $0.21 per share for the quarter, down from their previous forecast of $0.25. Piper Jaffray Companies also issued estimates for First Foundation’s Q2 2019 earnings at $0.26 EPS, Q4 2019 earnings at $0.31 EPS, FY2019 earnings at $1.15 EPS, Q1 2020 earnings at $0.25 EPS, Q2 2020 earnings at $0.31 EPS, Q3 2020 earnings at $0.35 EPS, Q4 2020 earnings at $0.39 EPS and FY2020 earnings at $1.30 EPS.
Other analysts have also issued reports about the stock. ValuEngine upgraded shares of First Foundation from a “strong sell” rating to a “sell” rating in a report on Friday, October 26th. BidaskClub lowered shares of First Foundation from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 18th. Zacks Investment Research upgraded shares of First Foundation from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Thursday, January 10th. Finally, TheStreet upgraded shares of First Foundation from a “c+” rating to a “b-” rating in a report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.25.
First Foundation (NASDAQ:FFWM) last posted its earnings results on Wednesday, January 30th. The bank reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. The company had revenue of $50.07 million during the quarter, compared to analyst estimates of $51.61 million. First Foundation had a net margin of 17.67% and a return on equity of 10.19%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Foundation by 118.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,890 shares of the bank’s stock worth $37,000 after buying an additional 1,570 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in First Foundation in the fourth quarter worth about $33,000. Quantamental Technologies LLC bought a new position in First Foundation in the fourth quarter worth about $35,000. American International Group Inc. raised its stake in First Foundation by 15.7% in the third quarter. American International Group Inc. now owns 25,275 shares of the bank’s stock worth $395,000 after buying an additional 3,428 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in First Foundation by 4.0% in the fourth quarter. Victory Capital Management Inc. now owns 91,400 shares of the bank’s stock worth $1,175,000 after buying an additional 3,500 shares in the last quarter. 60.67% of the stock is owned by institutional investors.
In related news, insider John Hakopian sold 20,000 shares of the stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $16.25, for a total value of $325,000.00. Following the completion of the transaction, the insider now directly owns 33,200 shares of the company’s stock, valued at $539,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 14.30% of the company’s stock.
The company also recently announced a special dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, March 1st will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 28th.
First Foundation Company Profile
First Foundation, Inc is a financial services company, which engages in the provision of comprehensive platform of personalized financial services to individuals, businesses, and organizations. It operates through the following segments: Banking, Wealth Management, and Other. The Banking segment offers trust management, depository accounts, commercial lending, consulting and other services.
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