Zacks Investment Research Lowers First Foundation (NASDAQ:FFWM) to Sell

Zacks Investment Research downgraded shares of First Foundation (NASDAQ:FFWM) from a hold rating to a sell rating in a research note released on Monday, Zacks.com reports.

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. “

Other research analysts also recently issued research reports about the stock. Raymond James upped their price target on shares of First Foundation from $27.00 to $29.00 and gave the stock an outperform rating in a research report on Thursday, October 7th. B. Riley increased their price objective on shares of First Foundation from $30.00 to $33.00 and gave the company a buy rating in a report on Wednesday, July 28th.

NASDAQ:FFWM opened at $26.50 on Monday. First Foundation has a one year low of $14.21 and a one year high of $27.25. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 0.97. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 11.67 and a beta of 1.44. The firm’s fifty day moving average is $25.03 and its two-hundred day moving average is $24.10.

First Foundation (NASDAQ:FFWM) last posted its quarterly earnings results on Tuesday, July 27th. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. First Foundation had a net margin of 33.78% and a return on equity of 14.42%. The company had revenue of $71.95 million for the quarter, compared to analyst estimates of $67.80 million. As a group, equities research analysts predict that First Foundation will post 2.09 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 20th. Stockholders of record on Monday, August 9th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Friday, August 6th. First Foundation’s dividend payout ratio (DPR) is presently 19.15%.

In other First Foundation news, insider John Hakopian sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $24.52, for a total transaction of $122,600.00. Following the sale, the insider now owns 38,686 shares in the company, valued at approximately $948,580.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the stock in a transaction dated Wednesday, August 11th. The shares were sold at an average price of $24.84, for a total value of $248,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,396 shares of company stock worth $1,357,590. Corporate insiders own 12.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new stake in shares of First Foundation in the 1st quarter valued at about $3,475,000. LSV Asset Management acquired a new stake in First Foundation during the 2nd quarter worth approximately $763,000. Ameriprise Financial Inc. lifted its position in First Foundation by 4.3% during the 1st quarter. Ameriprise Financial Inc. now owns 12,607 shares of the bank’s stock worth $295,000 after acquiring an additional 520 shares during the period. Envestnet Asset Management Inc. lifted its position in First Foundation by 5.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 22,118 shares of the bank’s stock worth $498,000 after acquiring an additional 1,196 shares during the period. Finally, Citigroup Inc. lifted its position in First Foundation by 132.8% during the 1st quarter. Citigroup Inc. now owns 20,819 shares of the bank’s stock worth $488,000 after acquiring an additional 11,878 shares during the period. 65.54% of the stock is owned by hedge funds and other institutional investors.

First Foundation Company Profile

First Foundation, Inc is a bank holding, which engages in the provision of comprehensive platform of financial services to individuals, businesses, and organizations. It operates through the following segments: Banking and Wealth Management. The company was founded by John Avak Hakopian and Ulrich Emanuel Keller, Jr.

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