First Foundation (NASDAQ:FFWM) Stock Rating Upgraded by DA Davidson

First Foundation (NASDAQ:FFWM) was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating in a report issued on Wednesday, Briefing.com reports. The firm presently has a $9.00 price objective on the bank’s stock, up from their prior price objective of $8.00. DA Davidson’s price target indicates a potential upside of 36.99% from the company’s current price. DA Davidson also issued estimates for First Foundation’s Q2 2024 earnings at $0.00 EPS and FY2024 earnings at $0.13 EPS.

A number of other analysts have also commented on FFWM. StockNews.com raised First Foundation from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Wedbush reiterated a “neutral” rating and set a $7.00 target price on shares of First Foundation in a research report on Wednesday, May 22nd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.33.

First Foundation Trading Up 1.5 %

FFWM opened at $6.57 on Wednesday. The company has a market cap of $371.27 million, a P/E ratio of -1.80 and a beta of 1.34. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.84. The company’s 50 day moving average is $5.86 and its 200-day moving average is $7.47. First Foundation has a 1-year low of $3.69 and a 1-year high of $11.47.

First Foundation (NASDAQ:FFWM) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. First Foundation had a negative net margin of 32.44% and a positive return on equity of 1.11%. The company had revenue of $51.07 million during the quarter, compared to the consensus estimate of $58.93 million. Equities research analysts predict that First Foundation will post 0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Azora Capital LP grew its stake in First Foundation by 3.1% during the fourth quarter. Azora Capital LP now owns 3,033,696 shares of the bank’s stock worth $29,366,000 after purchasing an additional 90,840 shares during the period. Vanguard Group Inc. increased its stake in shares of First Foundation by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 2,859,870 shares of the bank’s stock valued at $21,592,000 after acquiring an additional 31,026 shares in the last quarter. BHZ Capital Management LP increased its stake in shares of First Foundation by 33.7% in the 4th quarter. BHZ Capital Management LP now owns 742,355 shares of the bank’s stock valued at $7,186,000 after acquiring an additional 187,182 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in First Foundation during the first quarter worth $3,819,000. Finally, rhino investment partners Inc bought a new position in First Foundation during the fourth quarter worth $4,093,000. Institutional investors and hedge funds own 73.10% of the company’s stock.

First Foundation Company Profile

First Foundation Inc, through its subsidiaries, provides banking services, investment advisory, wealth management, and trust services to individuals, businesses, and other organizations in the United States. The company operates in two segments, Banking and Wealth Management. It offers a range of deposit products, including personal and business checking accounts, savings accounts, interest-bearing demand deposit accounts, money market accounts, and time certificate of deposits; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, commercial term loans, and line of credits, as well as consumer loans, such as personal installment loans and line of credits, and home equity line of credits.