DA Davidson Weighs in on First Foundation Inc.’s Q2 2024 Earnings (NASDAQ:FFWM)

First Foundation Inc. (NASDAQ:FFWM) – DA Davidson issued their Q2 2024 earnings estimates for First Foundation in a report issued on Friday, April 26th. DA Davidson analyst G. Tenner forecasts that the bank will earn $0.01 per share for the quarter. The consensus estimate for First Foundation’s current full-year earnings is $0.27 per share.

Several other analysts have also recently issued reports on FFWM. Wedbush reduced their price target on shares of First Foundation from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Friday. Raymond James upgraded shares of First Foundation from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $9.50 to $12.00 in a research note on Friday, January 5th. Finally, StockNews.com upgraded shares of First Foundation from a “sell” rating to a “hold” rating in a research note on Friday.

First Foundation Stock Down 1.8 %

Shares of FFWM opened at $5.97 on Monday. The stock has a market capitalization of $337.36 million, a PE ratio of -1.63 and a beta of 1.23. First Foundation has a 1 year low of $3.69 and a 1 year high of $11.47. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day simple moving average is $7.29 and its 200-day simple moving average is $7.50.

First Foundation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.04 annualized dividend and a yield of 0.67%. First Foundation’s dividend payout ratio is currently -1.09%.

Insider Activity

In other news, Chairman Ulrich E. Keller, Jr. sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $8.16, for a total value of $204,000.00. Following the completion of the sale, the chairman now directly owns 1,230,622 shares of the company’s stock, valued at $10,041,875.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On First Foundation

A number of hedge funds and other institutional investors have recently bought and sold shares of FFWM. rhino investment partners Inc purchased a new position in First Foundation in the 4th quarter valued at $4,093,000. Algert Global LLC purchased a new position in First Foundation in the 3rd quarter valued at $2,305,000. Emerald Mutual Fund Advisers Trust purchased a new position in First Foundation in the 3rd quarter valued at $2,140,000. Panagora Asset Management Inc. purchased a new position in First Foundation in the 3rd quarter valued at $1,843,000. Finally, BHZ Capital Management LP grew its position in First Foundation by 33.7% in the 4th quarter. BHZ Capital Management LP now owns 742,355 shares of the bank’s stock valued at $7,186,000 after buying an additional 187,182 shares during the last quarter. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

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.