First Foundation (NASDAQ:FFWM) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

First Foundation (NASDAQ:FFWM) issued its quarterly earnings data on Thursday. The bank reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.05, Zacks reports. The firm had revenue of $164.57 million during the quarter, compared to analysts’ expectations of $54.23 million. First Foundation had a return on equity of 1.07% and a net margin of 1.34%. During the same period in the previous year, the firm posted $0.07 earnings per share.

First Foundation Trading Up 0.4 %

Shares of FFWM traded up $0.03 during mid-day trading on Friday, reaching $7.08. The company had a trading volume of 1,110,525 shares, compared to its average volume of 1,021,322. First Foundation has a fifty-two week low of $4.41 and a fifty-two week high of $11.47. The firm has a fifty day simple moving average of $5.93 and a 200-day simple moving average of $7.06. The stock has a market cap of $400.09 million, a price-to-earnings ratio of -1.93 and a beta of 1.34. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.84.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FFWM shares. Wedbush decreased their price objective on shares of First Foundation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 3rd. Raymond James cut shares of First Foundation from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, July 3rd. DA Davidson raised First Foundation from a “neutral” rating to a “buy” rating and upped their target price for the company from $8.00 to $9.00 in a research note on Wednesday, July 3rd. Piper Sandler reiterated a “neutral” rating and set a $6.00 target price on shares of First Foundation in a report on Wednesday, July 3rd. Finally, Stephens boosted their price target on First Foundation from $6.00 to $7.00 and gave the stock an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $7.80.

First Foundation Company Profile

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.