First Foundation (FFWM) Lowered to “Strong Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of First Foundation (NASDAQ:FFWM) from a hold rating to a strong sell rating in a research note issued to investors on Monday.
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. “
Other equities research analysts have also issued research reports about the company. TheStreet raised First Foundation from a c+ rating to a b rating in a research report on Monday, March 19th. BidaskClub lowered First Foundation from a strong-buy rating to a buy rating in a research report on Thursday, April 12th. Sandler O’Neill reaffirmed a buy rating on shares of First Foundation in a research report on Thursday, March 29th. B. Riley reaffirmed a buy rating and issued a $22.00 price target (down previously from $23.00) on shares of First Foundation in a research report on Thursday, February 1st. Finally, Piper Jaffray reaffirmed a hold rating and issued a $20.00 price target on shares of First Foundation in a research report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $20.70.
First Foundation (NASDAQ:FFWM) last posted its earnings results on Wednesday, January 31st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The firm had revenue of $42.60 million for the quarter, compared to analyst estimates of $40.94 million. First Foundation had a return on equity of 10.28% and a net margin of 15.71%. equities analysts forecast that First Foundation will post 1.27 earnings per share for the current year.
In other news, Director Warren D. Fix sold 16,254 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $18.38, for a total value of $298,748.52. Following the transaction, the director now owns 73,234 shares in the company, valued at approximately $1,346,040.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerald L. Larsen sold 22,000 shares of the stock in a transaction dated Wednesday, April 4th. The shares were sold at an average price of $18.61, for a total value of $409,420.00. Following the completion of the transaction, the director now owns 22,000 shares in the company, valued at approximately $409,420. The disclosure for this sale can be found here. Insiders sold a total of 145,791 shares of company stock worth $2,713,622 in the last ninety days. 18.50% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC purchased a new position in shares of First Foundation in the 4th quarter valued at about $155,000. Two Sigma Investments LP increased its holdings in shares of First Foundation by 37.7% in the 4th quarter. Two Sigma Investments LP now owns 92,724 shares of the bank’s stock valued at $1,719,000 after acquiring an additional 25,381 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of First Foundation by 63.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 98,059 shares of the bank’s stock valued at $1,818,000 after acquiring an additional 38,235 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of First Foundation by 2.7% in the 4th quarter. Deutsche Bank AG now owns 837,316 shares of the bank’s stock valued at $15,521,000 after acquiring an additional 21,752 shares during the last quarter. Finally, Basswood Capital Management L.L.C. increased its holdings in shares of First Foundation by 6.0% in the 4th quarter. Basswood Capital Management L.L.C. now owns 2,072,115 shares of the bank’s stock valued at $38,417,000 after acquiring an additional 118,108 shares during the last quarter. Institutional investors and hedge funds own 53.06% of the company’s stock.
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About First Foundation
First Foundation Inc, through its subsidiaries, provides financial services to individuals, businesses, and other organizations in the United States. It operates in two segments, Banking; and Investment Management and Wealth Planning. The company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; and loan products consisting of multifamily 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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