First Foundation Inc. (NASDAQ: FFWM – Get a rating) – Stock analysts DA Davidson cut their FY2023 EPS estimates for First Foundation shares in a research report released to clients and investors on Thursday, June 30. DA Davidson analyst G. Tenner now expects the bank to post earnings of $2.39 per share for the year, down from its previous forecast of $2.73. First Foundation’s current annual earnings consensus estimate is $2.26 per share.
Other equity research analysts have also recently published research reports on the stock. StockNews.com launched coverage on the actions of First Foundation in a research report on Thursday, March 31. They issued a “holding” rating for the company. B. Riley lowered his price target on First Foundation shares from $34.00 to $31.00 in a Tuesday, April 12 research report.
Shares of FFWM opened at $20.87 on Monday. The company has a 50-day moving average price of $21.62 and a 200-day moving average price of $24.10. First Foundation has a fifty-two week minimum of $20.16 and a fifty-two week maximum of $29.41. The stock has a market capitalization of $1.18 billion, a PE ratio of 8.45 and a beta of 1.21. The company has a debt ratio of 0.30, a quick ratio of 0.91 and a current ratio of 0.97.
First foundation (NASDAQ: FFWM – Get a rating) last released its quarterly earnings data on Tuesday, April 26. The bank reported earnings per share (EPS) of $0.55 for the quarter, beating the consensus estimate of $0.51 by $0.04. The company posted revenue of $89.92 million in the quarter, compared to analysts’ expectations of $89.18 million. First Foundation had a net margin of 34.58% and a return on equity of 12.94%. During the same period of the previous year, the company achieved EPS of $0.50.
A number of large investors have been buying and selling stocks recently. BlackRock Inc. increased its position in First Foundation by 22.1% during the first quarter. BlackRock Inc. now owns 3,817,772 shares of the bank valued at $92,735,000 after acquiring an additional 691,494 shares in the last quarter. Vanguard Group Inc. increased its position in First Foundation by 26.0% during the first quarter. Vanguard Group Inc. now owns 2,506,062 shares of the bank valued at $60,872,000 after acquiring an additional 517,634 shares in the last quarter. GMT Capital Corp raised its position in First Foundation by 28.7% in the first quarter. GMT Capital Corp now owns 2,208,381 shares of the bank valued at $53,642,000 after acquiring an additional 492,399 shares in the last quarter. State Street Corp increased its position in First Foundation by 25.0% during the first quarter. State Street Corp now owns 1,341,747 shares of the bank valued at $32,591,000 after acquiring an additional 267,995 shares in the last quarter. Finally, Jennison Associates LLC increased its position in First Foundation by 2.8% during the first quarter. Jennison Associates LLC now owns 1,056,493 shares of the bank valued at $25,662,000 after acquiring 28,510 additional shares in the last quarter. 60.50% of the shares are held by institutional investors.
The company also recently declared a quarterly dividend, which was paid on Monday, May 16. Shareholders of record on Friday, May 6 received a dividend of $0.11. The ex-dividend date was Thursday, May 5. This represents an annualized dividend of $0.44 and a dividend yield of 2.11%. First Foundation’s payout ratio is currently 17.81%.
About First Foundation (Get a rating)
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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