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 report issued on Thursday, Zacks.com reports. The brokerage presently has a $18.00 target price on the bank’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.43% 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. “

FFWM has been the subject of a number of other reports. ValuEngine cut shares of First Foundation from a “sell” rating to a “strong sell” rating in a research report on Monday. BidaskClub cut shares of First Foundation from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th.

NASDAQ:FFWM traded down $0.01 during trading hours on Thursday, reaching $15.73. 87,900 shares of the company were exchanged, compared to its average volume of 137,612. The company has a current ratio of 1.10, a quick ratio of 0.97 and a debt-to-equity ratio of 1.50. The stock’s 50-day moving average is $14.94 and its 200-day moving average is $14.19. The firm has a market cap of $692.32 million, a PE ratio of 13.44 and a beta of 0.87. First Foundation has a twelve month low of $11.79 and a twelve month high of $16.66.

First Foundation (NASDAQ:FFWM) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.02. The company had revenue of $57.11 million during the quarter, compared to analysts’ expectations of $56.83 million. First Foundation had a net margin of 18.97% and a return on equity of 9.35%. As a group, research analysts anticipate that First Foundation will post 1.21 EPS for the current year.

A number of large investors have recently bought and sold shares of the business. FMR LLC raised its position in First Foundation by 6.6% during the first quarter. FMR LLC now owns 4,000,694 shares of the bank’s stock worth $54,289,000 after acquiring an additional 247,100 shares during the period. BlackRock Inc. raised its position in shares of First Foundation by 1.9% in the second quarter. BlackRock Inc. now owns 2,645,975 shares of the bank’s stock valued at $35,562,000 after buying an additional 49,648 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Foundation by 1.4% in the second quarter. Vanguard Group Inc. now owns 1,884,703 shares of the bank’s stock valued at $25,331,000 after buying an additional 25,392 shares during the last quarter. Banc Funds Co. LLC raised its position in shares of First Foundation by 6.2% in the second quarter. Banc Funds Co. LLC now owns 1,439,601 shares of the bank’s stock valued at $19,348,000 after buying an additional 83,991 shares during the last quarter. Finally, Balyasny Asset Management LLC raised its position in shares of First Foundation by 75.1% in the second quarter. Balyasny Asset Management LLC now owns 645,534 shares of the bank’s stock valued at $8,676,000 after buying an additional 276,892 shares during the last quarter. Institutional investors own 60.26% of the company’s stock.

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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