First Foundation (NASDAQ:FFWM) Raised to “Buy” at 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 Monday, Zacks.com reports. The firm presently has a $17.00 price target on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 7.66% from the company’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. “

FFWM has been the subject of several other research reports. Piper Sandler upgraded shares of First Foundation from a “neutral” rating to an “overweight” rating and set a $15.00 price objective for the company in a research note on Friday, April 24th. Raymond James increased their price target on First Foundation from $13.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. B. Riley cut their price objective on First Foundation from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Wedbush assumed coverage on First Foundation in a research note on Monday, March 23rd. They issued an “outperform” rating and a $13.00 price objective for the company. Finally, TheStreet upgraded First Foundation from a “c” rating to a “b-” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $16.60.

NASDAQ FFWM opened at $15.79 on Monday. The company has a current ratio of 1.05, a quick ratio of 0.95 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $686.78 million, a P/E ratio of 12.15 and a beta of 1.47. The business has a fifty day simple moving average of $14.73 and a 200 day simple moving average of $14.47. First Foundation has a 12 month low of $8.01 and a 12 month high of $17.64.

First Foundation (NASDAQ:FFWM) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.29 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. First Foundation had a net margin of 19.76% and a return on equity of 9.59%. The company had revenue of $55.54 million during the quarter, compared to the consensus estimate of $53.81 million. As a group, sell-side analysts predict that First Foundation will post 1.53 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Great West Life Assurance Co. Can bought a new position in shares of First Foundation during the 4th quarter worth $46,000. Covington Capital Management raised its position in shares of First Foundation by 181.6% in the fourth quarter. Covington Capital Management now owns 2,816 shares of the bank’s stock valued at $49,000 after purchasing an additional 1,816 shares during the period. Bank of Montreal Can raised its position in shares of First Foundation by 44.8% in the fourth quarter. Bank of Montreal Can now owns 4,965 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,535 shares during the period. Martingale Asset Management L P purchased a new stake in shares of First Foundation during the 1st quarter valued at approximately $106,000. Finally, Advisor Group Holdings Inc. bought a new position in First Foundation in the 1st quarter worth approximately $110,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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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