Wall Street analysts expect First Foundation Inc. (NASDAQ:FFWM – Get Rating) to post sales of $92.41 million for the current fiscal quarter, reports Zacks Investment Research. Four analysts have released earnings estimates for First Foundation, with the highest sales estimate at $95.12 million and the lowest estimate at $90.20 million. First Foundation recorded sales of $71.95 million in the same quarter last year, which would indicate a positive growth rate of 28.4% year over year. The company is expected to announce its next quarterly earnings report on Monday, January 1.
According to Zacks, analysts expect First Foundation to report annual sales of $375.88 million for the current fiscal year, with estimates ranging from $366.10 million to $387.22 million. For next year, analysts expect the company to post sales of $423.04 million, with estimates ranging from $404.10 million to $447.65 million. Zacks sales calculations are an average average based on a survey of research analysts who track First Foundation.
First Foundation (NASDAQ:FFWM – Get Rating) last reported quarterly earnings data 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. First Foundation had a return on equity of 13.80% and a net margin of 34.58%. In the same quarter a year earlier, the company posted earnings per share of $0.50.
Several analysts have weighed in on the company. Stephens kicked off the First Foundation coverage in a report on Wednesday, February 2. They set an “overweight” rating and a price target of $32.00 for the company. Zacks Investment Research upgraded First Foundation from a “sell” rating to a “hold” rating in a Thursday, February 3, research report. StockNews.com kicked off First Foundation coverage in a research report Thursday, March 31. They set a “hold” rating for the company. Finally, B. Riley reduced his target price on First Foundation from $34.00 to $31.00 in a Tuesday, April 12 research report. Two analysts rated the stock with a hold rating and three gave the company’s stock a buy rating. According to data from MarketBeat.com, First Foundation currently has an average rating of “Buy” and an average target price of $31.00.
In other First Foundation news, Director Diane M. Rubin acquired 1,000 shares of the company in a transaction that took place on Monday, February 7. The shares were acquired at an average cost of $26.53 per share, for a total transaction of $26,530.00. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC’s website. 13.90% of the shares are currently held by insiders.
Several institutional investors and hedge funds have recently changed their stock holdings. Brookmont Capital Management increased its position in First Foundation shares by 6.7% in the fourth quarter. Brookmont Capital Management now owns 8,361 shares of the bank valued at $208,000 after purchasing an additional 526 shares during the period. UBS Asset Management Americas Inc. increased its position in First Foundation by 3.0% in the third quarter. UBS Asset Management Americas Inc. now owns 20,424 shares of the bank worth $537,000 after acquiring 603 additional shares in the last quarter. Deutsche Bank AG increased its position in First Foundation by 2.9% in the 4th quarter. Deutsche Bank AG now owns 27,626 shares in the bank worth $687,000 after acquiring 767 additional shares in the last quarter. First Trust Advisors LP increased its position in First Foundation by 6.7% during the fourth quarter. First Trust Advisors LP now owns 21,015 shares of the bank worth $522,000 after acquiring 1,314 more shares in the last quarter. Finally, Boston Partners strengthened its position in First Foundation by 1.2% in the 4th quarter. Boston Partners now owns 138,176 shares of the bank worth $3,435,000 after acquiring 1,586 additional shares in the last quarter. Institutional investors and hedge funds own 60.50% of the company’s shares.
NASDAQ:FFWM shares opened at $21.95 on Friday. The stock has a market capitalization of $1.24 billion, a P/E ratio of 8.89 and a beta of 1.22. First Foundation has a 1-year minimum of $21.25 and a 1-year maximum of $29.41. The company has a current ratio of 0.95, a quick ratio of 0.90 and a debt ratio of 0.20. The company has a 50-day moving average price of $24.17 and a two-hundred-day moving average price of $25.72.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 16. Investors of record on Friday, May 6 will receive a dividend of $0.11. The ex-dividend date is Thursday, May 5. This represents an annualized dividend of $0.44 and a dividend yield of 2.00%. First Foundation’s dividend 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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