Wedbush weighs on First Foundation Inc.’s earnings for fiscal 2022 (NASDAQ:FFWM)
First Foundation Inc. (NASDAQ: FFWM – Get a rating) – Wedbush investment analysts cut their FY2022 EPS estimates for First Foundation shares in a research report released Wednesday, October 26. Wedbush analyst D. Chiaverini now expects the bank to earn $2.02 a share for the year, down from his previous estimate of $2.05. First Foundation’s current annual earnings consensus estimate is $2.13 per share. Wedbush also released estimates for First Foundation Q4 2022 earnings at $0.37 EPS, Q1 2023 earnings at $0.33 EPS, Q2 2023 earnings at $0.39 EPS, Q3 earnings at $0.39 EPS 2023 earnings at $0.45 EPS, Q4 2023 earnings at $0.48 EPS, FY 2023 earnings at $1.65 EPS, Q1 2024 earnings at $0.51 EPS, Q2 2024 earnings at $0.57 EPS and Q3 2024 earnings at $0.58 EPS.
First foundation (NASDAQ: FFWM – Get a rating) last released its results on Tuesday, July 26. The bank reported earnings per share (EPS) of $0.59 for the quarter, beating the consensus estimate of $0.52 by $0.07. First Foundation had a net margin of 33.93% and a return on equity of 12.47%.
A number of other stock analysts also commented on the stock. DA Davidson downgraded shares of First Foundation from a “buy” rating to a “neutral” rating and set a price target of $18.00 for the stock. in a report Wednesday. Raymond James cut his target price on First Foundation shares from $23.00 to $20.00 and set an “outperform” rating on the stock in a report released Wednesday. StockNews.com launched coverage on the actions of First Foundation in a report on Wednesday, October 12. They issued a “hold” rating on the stock. B. Riley raised his price target on First Foundation shares from $21.00 to $23.00 in a Wednesday, July 27 report. Finally, Piper Sandler cut her price target on First Foundation shares to $24.00 in a Friday, September 30 report. Three equity research analysts gave the stock a hold rating and two gave the company a buy rating. According to data from MarketBeat.com, First Foundation currently has an average rating of “Hold” and an average target price of $23.40.
First base prize
Shares of NASDAQ: FFWM opened at $15.82 on Thursday. The company’s fifty-day moving average price is $18.96 and its 200-day moving average price is $20.50. The company has a market capitalization of $892.09 million, a price-earnings ratio of 7.32 and a beta of 1.12. First Foundation has a one-year minimum of $15.42 and a one-year maximum of $29.41. The company has a debt ratio of 0.45, a current ratio of 0.99 and a quick ratio of 0.94.
Institutional investors weigh in on First Foundation
A number of hedge funds have recently bought and sold shares of FFWM. Cooper Financial Group purchased a new stake in First Foundation during the first quarter at a value of $219,000. Assenagon Asset Management SA increased its position in First Foundation by 257.7% during the first quarter. Assenagon Asset Management SA now owns 116,265 shares of the bank valued at $2,824,000 after acquiring an additional 83,763 shares in the last quarter. Comerica Bank increased its position in First Foundation by 28.1% during the first quarter. Comerica Bank now owns 68,272 shares of the bank valued at $1,641,000 after acquiring an additional 14,980 shares in the last quarter. Fortem Financial Group LLC increased its position in First Foundation by 20.0% during the first quarter. Fortem Financial Group LLC now owns 10,666 shares of the bank valued at $259,000 after acquiring 1,776 additional shares in the last quarter. Finally, Naples Global Advisors LLC increased its position in First Foundation by 126.5% during the first quarter. Naples Global Advisors LLC now owns 294,741 shares of the bank valued at $7,159,000 after acquiring an additional 164,584 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s shares.
First Foundation announces dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 17. Shareholders of record on Monday, November 7 will receive a dividend of $0.11. This represents an annualized dividend of $0.44 and a dividend yield of 2.78%. The ex-dividend date is Friday, November 4. First Foundation’s dividend payout ratio (DPR) is currently 20.37%.
First Foundation Company Profile
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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