FY2024 EPS Estimates for First Foundation Inc. (NASDAQ:FFWM) Reduced by DA Davidson

First Foundation Inc. (NASDAQ:FFWM) – Analysts at DA Davidson dropped their FY2024 earnings per share (EPS) estimates for First Foundation in a report issued on Friday, July 5th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $0.10 per share for the year, down from their previous forecast of $0.13. DA Davidson has a “Buy” rating and a $9.00 price target on the stock. The consensus estimate for First Foundation’s current full-year earnings is $0.03 per share.

Several other equities analysts have also commented on FFWM. StockNews.com raised First Foundation from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Piper Sandler reaffirmed a “neutral” rating and set a $6.00 target price on shares of First Foundation in a report on Wednesday, July 3rd. Stephens lowered First Foundation from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 3rd. Raymond James lowered First Foundation from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, July 3rd. Finally, Wedbush lowered their target price on First Foundation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, First Foundation currently has an average rating of “Hold” and an average target price of $8.00.

First Foundation Stock Up 0.2 %

NASDAQ:FFWM opened at $5.16 on Monday. The firm has a market capitalization of $291.60 million, a PE ratio of -1.39 and a beta of 1.34. The stock has a 50 day moving average of $5.75 and a 200-day moving average of $7.36. First Foundation has a 52 week low of $3.69 and a 52 week high of $11.47. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.84.

First Foundation (NASDAQ:FFWM) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $51.07 million during the quarter, compared to analyst estimates of $58.93 million. First Foundation had a positive return on equity of 1.11% and a negative net margin of 32.44%.

First Foundation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Friday, May 3rd. First Foundation’s dividend payout ratio (DPR) is -1.09%.

Hedge Funds Weigh In On First Foundation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in First Foundation by 149.3% in the third quarter. Citigroup Inc. now owns 41,900 shares of the bank’s stock worth $255,000 after purchasing an additional 25,095 shares during the period. Vanguard Group Inc. lifted its position in First Foundation by 0.7% in the third quarter. Vanguard Group Inc. now owns 2,812,024 shares of the bank’s stock worth $17,097,000 after purchasing an additional 20,799 shares during the period. Public Employees Retirement System of Ohio lifted its position in First Foundation by 16.3% in the third quarter. Public Employees Retirement System of Ohio now owns 114,384 shares of the bank’s stock worth $695,000 after purchasing an additional 16,032 shares during the period. Diversified Trust Co lifted its position in First Foundation by 8.5% in the fourth quarter. Diversified Trust Co now owns 13,946 shares of the bank’s stock worth $135,000 after purchasing an additional 1,089 shares during the period. Finally, New York State Common Retirement Fund lifted its position in First Foundation by 116.3% in the fourth quarter. New York State Common Retirement Fund now owns 21,070 shares of the bank’s stock worth $204,000 after purchasing an additional 11,328 shares during the period. 73.10% of the stock is owned by 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.