First Foundation (NASDAQ:FFWM) PT Lowered to $7.00 at Wedbush

First Foundation (NASDAQ:FFWM) had its price target reduced by analysts at Wedbush from $8.00 to $7.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Wedbush’s price objective points to a potential upside of 15.13% from the company’s previous close. Wedbush also issued estimates for First Foundation’s Q2 2024 earnings at $0.04 EPS, FY2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.17 EPS and Q4 2025 earnings at $0.30 EPS.

Separately, Raymond James upgraded shares of First Foundation from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $9.50 to $12.00 in a research report on Friday, January 5th.

First Foundation Price Performance

First Foundation stock opened at $6.08 on Friday. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.05 and a quick ratio of 1.05. First Foundation has a one year low of $3.69 and a one year high of $11.47. The firm has a market capitalization of $343.58 million, a P/E ratio of -1.66 and a beta of 1.23. The business has a fifty day moving average price of $7.34 and a 200-day moving average price of $7.49.

First Foundation (NASDAQ:FFWM) last issued its earnings results on Thursday, January 25th. The bank reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. First Foundation had a positive return on equity of 1.11% and a negative net margin of 32.44%. The business had revenue of $56.37 million during the quarter, compared to the consensus estimate of $62.03 million. As a group, equities research analysts forecast that First Foundation will post 0.29 EPS for the current year.

Insider Activity

In other First Foundation news, Chairman Ulrich E. Keller, Jr. sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $8.16, for a total value of $204,000.00. Following the completion of the sale, the chairman now owns 1,230,622 shares in the company, valued at $10,041,875.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Foundation

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co bought a new position in First Foundation in the first quarter worth $25,000. Quadrature Capital Ltd purchased a new position in shares of First Foundation in the 4th quarter worth about $126,000. Diversified Trust Co increased its position in shares of First Foundation by 8.5% during the fourth quarter. Diversified Trust Co now owns 13,946 shares of the bank’s stock valued at $135,000 after acquiring an additional 1,089 shares in the last quarter. TFO Wealth Partners LLC increased its position in First Foundation by 38,300.0% during the fourth quarter. TFO Wealth Partners LLC now owns 16,896 shares of the bank’s stock valued at $164,000 after acquiring an additional 16,852 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in First Foundation during the third quarter valued at approximately $120,000. 73.10% of the stock is owned by hedge funds and other institutional investors.

About First Foundation

First Foundation Inc, through its subsidiaries, provides banking services, investment advisory, wealth management, and trust services to individuals, businesses, and other organizations in the United States. The company operates in two segments, Banking and Wealth Management. It offers a range of deposit products, including personal and business checking accounts, savings accounts, interest-bearing demand deposit accounts, money market accounts, and time certificate of deposits; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, commercial term loans, and line of credits, as well as consumer loans, such as personal installment loans and line of credits, and home equity line of credits.