First Foundation (NASDAQ:FFWM) Upgraded to Buy at DA Davidson

First Foundation (NASDAQ:FFWM) was upgraded by equities research analysts at DA Davidson from a “neutral” rating to a “buy” rating in a report issued on Wednesday, MarketBeat reports. The firm presently has a $9.00 price target on the bank’s stock, up from their prior price target of $8.00. DA Davidson’s price target would indicate a potential upside of 80.00% from the stock’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.

Other analysts also recently issued reports about the stock. Wedbush restated a “neutral” rating and set a $7.00 target price on shares of First Foundation in a report on Wednesday, May 22nd. StockNews.com upgraded shares of First Foundation from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.00.

First Foundation Stock Down 23.9 %

First Foundation stock opened at $5.00 on Wednesday. The company’s 50 day simple moving average is $5.79 and its 200 day simple moving average is $7.44. First Foundation has a fifty-two week low of $3.69 and a fifty-two week high of $11.47. The firm has a market capitalization of $282.56 million, a price-to-earnings ratio of -1.37 and a beta of 1.34. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.07 and a quick ratio of 1.07.

First Foundation (NASDAQ:FFWM) last announced its earnings results on Thursday, April 25th. The bank reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $51.07 million for the quarter, compared to the consensus estimate of $58.93 million. First Foundation had a negative net margin of 32.44% and a positive return on equity of 1.11%. As a group, sell-side analysts anticipate that First Foundation will post 0.11 EPS for the current year.

Institutional Trading of 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 shares of First Foundation in the first quarter valued at approximately $25,000. Caxton Associates LP acquired a new stake in shares of First Foundation in the first quarter valued at approximately $123,000. Quadrature Capital Ltd acquired a new stake in shares of First Foundation in the fourth quarter valued at approximately $126,000. Boston Partners acquired a new stake in shares of First Foundation in the first quarter valued at approximately $128,000. Finally, Diversified Trust Co grew its stake in shares of 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 buying an additional 1,089 shares in the last quarter. 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.