First Foundation (NASDAQ:FFWM) Price Target Cut to $7.00 by Analysts at Wedbush

First Foundation (NASDAQ:FFWM) had its price target decreased by analysts at Wedbush from $8.00 to $7.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Wedbush’s price objective would suggest a potential upside of 9.37% from the company’s previous close.

Separately, Raymond James raised First Foundation from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $9.50 to $12.00 in a research note on Friday, January 5th.

First Foundation Price Performance

NASDAQ:FFWM traded down $0.30 during trading hours on Friday, reaching $6.40. The company had a trading volume of 144,901 shares, compared to its average volume of 589,683. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.52. The stock has a 50-day moving average of $7.38 and a two-hundred day moving average of $7.48. First Foundation has a one year low of $3.69 and a one year high of $11.47. The firm has a market capitalization of $361.66 million, a PE ratio of -1.88 and a beta of 1.23.

First Foundation (NASDAQ:FFWM) last announced its earnings results on Thursday, January 25th. The bank reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The business had revenue of $56.37 million during the quarter, compared to analysts’ expectations of $62.03 million. First Foundation had a negative net margin of 31.95% and a positive return on equity of 1.80%. Analysts forecast that First Foundation will post 0.29 earnings per share for the current year.

Insider Activity

In other First Foundation news, Chairman Ulrich E. Keller, Jr. sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $8.16, for a total transaction of $204,000.00. Following the completion of the sale, the chairman now directly owns 1,230,622 shares of the company’s stock, valued at approximately $10,041,875.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On First Foundation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Riverview Trust Co bought a new stake in shares of First Foundation during the 1st quarter valued at $25,000. Quadrature Capital Ltd bought a new stake in First Foundation in the fourth quarter valued at about $126,000. Diversified Trust Co increased its holdings in First Foundation by 8.5% in the fourth quarter. Diversified Trust Co now owns 13,946 shares of the bank’s stock valued at $135,000 after purchasing an additional 1,089 shares during the last quarter. TFO Wealth Partners LLC lifted its stake in First Foundation by 38,300.0% in the fourth quarter. TFO Wealth Partners LLC now owns 16,896 shares of the bank’s stock valued at $164,000 after buying an additional 16,852 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in First Foundation during the third quarter worth about $120,000. 73.10% of the stock is owned by institutional investors.

About First Foundation

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.