First Foundation (NASDAQ:FFWM) Downgraded by Raymond James to “Market Perform”

Raymond James cut shares of First Foundation (NASDAQ:FFWM) from a strong-buy rating to a market perform rating in a research report released on Wednesday, MarketBeat reports.

Other research analysts also recently issued reports about the company. StockNews.com upgraded First Foundation from a sell rating to a hold rating in a research report on Friday, April 26th. Wedbush reissued a neutral rating and issued a $7.00 price target on shares of First Foundation in a report on Wednesday, May 22nd. Finally, DA Davidson raised First Foundation from a neutral rating to a buy rating and increased their price objective for the company from $8.00 to $9.00 in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $8.00.

First Foundation Stock Down 23.8 %

FFWM opened at $5.01 on Wednesday. First Foundation has a one year low of $3.69 and a one year high of $11.47. The company has a market cap of $282.83 million, a price-to-earnings ratio of -1.37 and a beta of 1.34. The business’s fifty day moving average is $5.82 and its two-hundred day moving average is $7.46. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.07 and a current ratio of 1.07.

First Foundation (NASDAQ:FFWM) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $51.07 million for the quarter, compared to analysts’ expectations of $58.93 million. First Foundation had a negative net margin of 32.44% and a positive return on equity of 1.11%. Analysts anticipate that First Foundation will post 0.11 EPS for the current fiscal year.

First Foundation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.80%. The ex-dividend date was Friday, May 3rd. First Foundation’s dividend payout ratio (DPR) is -1.09%.

Hedge Funds Weigh In On First Foundation

Several institutional investors have recently added to or reduced their stakes in the business. Azora Capital LP grew its holdings in First Foundation by 3.1% in the 4th quarter. Azora Capital LP now owns 3,033,696 shares of the bank’s stock valued at $29,366,000 after buying an additional 90,840 shares during the period. Vanguard Group Inc. grew its holdings in First Foundation by 1.1% in the first quarter. Vanguard Group Inc. now owns 2,859,870 shares of the bank’s stock valued at $21,592,000 after purchasing an additional 31,026 shares during the period. BHZ Capital Management LP increased its position in First Foundation by 33.7% during the fourth quarter. BHZ Capital Management LP now owns 742,355 shares of the bank’s stock worth $7,186,000 after purchasing an additional 187,182 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in First Foundation during the first quarter worth approximately $3,819,000. Finally, rhino investment partners Inc purchased a new position in First Foundation during the fourth quarter worth approximately $4,093,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

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.