First Foundation Inc. (FFWM) Raised to “Buy” at Zacks Investment Research
First Foundation Inc. (NASDAQ:FFWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $28.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.90% from the stock’s previous close.
According to Zacks, “First Foundation Inc. engages in providing integrated investment management, wealth planning, consulting, trust and banking services. It operates in two segments, Banking and Wealth Management. The company offers a range of bank deposit products; loan products; specialized services comprising trust services, on-line banking, remote deposit capture, merchant credit card services, ATM cards, Visa debit cards, and business sweep accounts, as well as insurance brokerage services. It offers investment portfolio management and financial planning services; advisory and coordination services and wealth management services. First Foundation Inc. is headquartered in Irvine, California. “
A number of other research firms also recently commented on FFWM. DA Davidson reiterated a “buy” rating and issued a $27.00 target price on shares of First Foundation in a report on Tuesday, August 23rd. FBR & Co boosted their target price on shares of First Foundation from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, July 29th.
Shares of First Foundation (NASDAQ:FFWM) traded up 0.61% on Wednesday, reaching $24.80. 53,422 shares of the company’s stock were exchanged. First Foundation has a 1-year low of $20.00 and a 1-year high of $25.25. The company has a market capitalization of $402.26 million, a P/E ratio of 26.00 and a beta of 0.41. The stock’s 50-day moving average price is $24.59 and its 200-day moving average price is $23.05.
First Foundation (NASDAQ:FFWM) last released its earnings results on Thursday, July 28th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by $0.10. First Foundation had a return on equity of 4.84% and a net margin of 12.68%. Analysts anticipate that First Foundation will post $1.38 EPS for the current fiscal year.
In other news, Director Victoria Collins sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $23.19, for a total transaction of $115,950.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 22.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in First Foundation by 2.6% in the first quarter. Wellington Management Group LLP now owns 1,526,613 shares of the company’s stock worth $34,242,000 after buying an additional 38,855 shares in the last quarter. Mendon Capital Advisors Corp raised its stake in First Foundation by 4.6% in the second quarter. Mendon Capital Advisors Corp now owns 528,144 shares of the company’s stock worth $11,356,000 after buying an additional 23,465 shares in the last quarter. FMR LLC raised its stake in First Foundation by 58.7% in the second quarter. FMR LLC now owns 470,665 shares of the company’s stock worth $10,120,000 after buying an additional 174,165 shares in the last quarter. Vanguard Group Inc. raised its stake in First Foundation by 21.1% in the second quarter. Vanguard Group Inc. now owns 448,102 shares of the company’s stock worth $9,634,000 after buying an additional 78,105 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in First Foundation by 1,141.3% in the second quarter. BlackRock Fund Advisors now owns 348,901 shares of the company’s stock worth $7,501,000 after buying an additional 320,793 shares in the last quarter. Institutional investors and hedge funds own 56.09% of the company’s stock.
First Foundation Company Profile
First Foundation Inc is a financial services holding company. The Company provides a platform of personalized financial services to high net-worth individuals and their families, family businesses and other affiliated organizations. The Company conducts its operations through its subsidiaries First Foundation Advisors (FFA) and First Foundation Bank (FFB), and First Foundation Insurance Services (FFIS), a subsidiary of FFB.
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