FY2024 EPS Estimates for First Foundation Inc. (NASDAQ:FFWM) Boosted by Analyst

First Foundation Inc. (NASDAQ:FFWM) – Stock analysts at DA Davidson boosted their FY2024 earnings estimates for shares of First Foundation in a report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of ($0.19) for the year, up from their prior forecast of ($0.21). DA Davidson currently has a “Buy” rating and a $9.00 price target on the stock. The consensus estimate for First Foundation’s current full-year earnings is ($0.06) per share. DA Davidson also issued estimates for First Foundation’s FY2025 earnings at $0.61 EPS.

Several other research analysts also recently issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $6.00 price target on shares of First Foundation in a research report on Wednesday, July 3rd. Raymond James lowered shares of First Foundation from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, July 3rd. Stephens lowered shares of First Foundation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Wedbush reduced their price objective on First Foundation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Finally, StockNews.com cut First Foundation from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.80.

First Foundation Price Performance

First Foundation stock opened at $6.79 on Monday. The business’s fifty day moving average is $6.50 and its two-hundred day moving average is $6.30. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $383.43 million, a P/E ratio of -1.85 and a beta of 1.32. First Foundation has a 52 week low of $4.41 and a 52 week high of $11.47.

First Foundation (NASDAQ:FFWM) last posted its earnings results on Thursday, July 25th. The bank reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. First Foundation had a net margin of 1.34% and a return on equity of 1.07%. The company had revenue of $164.57 million during the quarter, compared to analysts’ expectations of $54.23 million. During the same quarter in the previous year, the company posted $0.07 earnings per share.

Hedge Funds Weigh In On First Foundation

A number of hedge funds and other institutional investors have recently made changes to their positions in FFWM. Riverview Trust Co acquired a new stake in First Foundation during the 1st quarter worth $25,000. Caxton Associates LP bought a new position in shares of First Foundation during the 1st quarter valued at about $123,000. Quadrature Capital Ltd acquired a new position in shares of First Foundation in the 4th quarter valued at approximately $126,000. Boston Partners bought a new stake in First Foundation during the 1st quarter worth approximately $128,000. Finally, The Manufacturers Life Insurance Company lifted its stake in First Foundation by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 20,759 shares of the bank’s stock valued at $136,000 after buying an additional 1,632 shares in the last quarter. 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.