First Foundation Inc. (NASDAQ:FFWM – Get Rating) – Equity research analysts B. Riley raised their fourth-quarter 2022 earnings estimates for First Foundation shares in a report released Tuesday, July 26. B. Riley analyst S. Moss now expects the bank to earn $0.56 per share for the quarter, up from its previous estimate of $0.55. First Foundation’s current annual earnings consensus estimate is $2.19 per share. B. Riley also released estimates for First Foundation Q2 2023 earnings at $0.53 EPS, Q3 2023 earnings at $0.57 EPS, Q4 2023 earnings at $0.58 EPS and earnings of fiscal year 2023 at $2.15 EPS.
First Foundation (NASDAQ:FFWM – Get Rating) last released its results on Tuesday, April 26. The bank reported earnings per share 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, versus a consensus estimate of $89.18 million. First Foundation had a net margin of 33.93% and a return on equity of 12.90%. In the same quarter a year earlier, the company posted EPS of $0.50.
Separately, Raymond James reaffirmed a “hold” rating on First Foundation shares in a report released Wednesday.
The first foundation is trading up 1.2%
First Foundation shares opened at $20.82 on Friday. The company has a market capitalization of $1.18 billion, a P/E ratio of 8.40 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. The company has a fifty-day moving average of $20.83 and a 200-day moving average of $23.35. First Foundation has a fifty-two week minimum of $18.31 and a fifty-two week maximum of $29.41.
Announcement of the Foundation’s first dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 16. Shareholders of record on Saturday August 6 will receive a dividend of $0.11 per share. This represents an annualized dividend of $0.44 and a dividend yield of 2.11%. The ex-dividend date is Thursday August 4th. First Foundation’s dividend payout ratio (DPR) is currently 17.74%.
Institutional entries and exits
A number of institutional investors have recently changed their positions in the company. BlackRock Inc. increased its equity stake in First Foundation by 22.1% in Q1. 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 equity stake in First Foundation by 26.0% in Q1. 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 increased its equity stake in First Foundation by 28.7% in Q1. 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 raised its position in First Foundation by 25.0% in the first quarter. State Street Corp now owns 1,341,747 shares of the bank worth $32,591,000 after purchasing an additional 267,995 shares during the period. Finally, Jennison Associates LLC increased its position in First Foundation by 2.8% in the 1st quarter. Jennison Associates LLC now owns 1,056,493 shares of the bank worth $25,662,000 after purchasing an additional 28,510 shares during the period. Institutional investors hold 60.50% of the company’s shares.
About First Foundation
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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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