First Foundation (NASDAQ:FFWM) Upgraded to Buy by Zacks Investment Research

First Foundation (NASDAQ:FFWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, reports. The brokerage presently has a $17.00 price objective on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.06% from the stock’s current price.

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. “

Several other research analysts also recently commented on FFWM. BidaskClub raised First Foundation from a “sell” rating to a “hold” rating in a research note on Friday, June 28th. ValuEngine downgraded First Foundation from a “sell” rating to a “strong sell” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. First Foundation has an average rating of “Hold” and an average price target of $18.00.

Shares of FFWM stock traded up $0.36 during trading hours on Wednesday, hitting $15.17. 104,900 shares of the company’s stock were exchanged, compared to its average volume of 138,986. The company has a quick ratio of 0.97, a current ratio of 1.10 and a debt-to-equity ratio of 1.50. The firm has a market cap of $673.12 million, a P/E ratio of 12.97, a P/E/G ratio of 1.77 and a beta of 0.86. The firm has a 50 day moving average of $14.42 and a two-hundred day moving average of $14.03. First Foundation has a fifty-two week low of $11.79 and a fifty-two week high of $16.66.

First Foundation (NASDAQ:FFWM) last announced its earnings results on Wednesday, July 24th. The bank reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.02. First Foundation had a return on equity of 9.35% and a net margin of 18.97%. The business had revenue of $51.02 million during the quarter, compared to the consensus estimate of $50.43 million. On average, equities analysts forecast that First Foundation will post 1.22 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in First Foundation by 565.5% in the 2nd quarter. Royal Bank of Canada now owns 3,088 shares of the bank’s stock valued at $42,000 after purchasing an additional 2,624 shares during the last quarter. Advisory Services Network LLC purchased a new stake in First Foundation in the 1st quarter valued at $43,000. Phocas Financial Corp. purchased a new stake in First Foundation in the 2nd quarter valued at $42,000. Bank of Montreal Can purchased a new stake in First Foundation in the 2nd quarter valued at $44,000. Finally, Aperio Group LLC purchased a new stake in First Foundation in the 2nd quarter valued at $57,000. 60.26% of the stock is owned by hedge funds and other institutional investors.

First Foundation Company Profile

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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