$38.83 Million in Sales Expected for First Foundation Inc. (FFWM) This Quarter
Wall Street brokerages forecast that First Foundation Inc. (NASDAQ:FFWM) will report sales of $38.83 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for First Foundation’s earnings. The lowest sales estimate is $37.78 million and the highest is $39.40 million. First Foundation reported sales of $38.24 million during the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The business is scheduled to report its next earnings report on Thursday, October 26th.
On average, analysts expect that First Foundation will report full year sales of $38.83 million for the current year, with estimates ranging from $149.75 million to $153.70 million. For the next year, analysts forecast that the company will report sales of $192.66 million per share, with estimates ranging from $187.20 million to $197.89 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow First Foundation.
First Foundation (NASDAQ:FFWM) last released its quarterly earnings data on Friday, July 28th. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.07. First Foundation had a net margin of 20.14% and a return on equity of 11.09%. The firm had revenue of $37.59 million for the quarter, compared to the consensus estimate of $36.38 million.
A number of brokerages have weighed in on FFWM. FBR & Co increased their target price on First Foundation from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Tuesday, April 25th. DA Davidson reiterated a “buy” rating and issued a $19.50 price target on shares of First Foundation in a report on Monday, June 19th. Zacks Investment Research raised First Foundation from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Tuesday, April 25th. BidaskClub lowered First Foundation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, ValuEngine raised First Foundation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $19.13.
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In other news, CFO John Michel sold 30,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $16.47, for a total transaction of $494,100.00. Following the completion of the transaction, the chief financial officer now owns 83,291 shares of the company’s stock, valued at approximately $1,371,802.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $15.19, for a total value of $151,900.00. Following the transaction, the chairman now directly owns 20,000 shares of the company’s stock, valued at approximately $303,800. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,000 shares of company stock valued at $809,800. 18.50% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Boston Partners raised its stake in First Foundation by 84.6% in the first quarter. Boston Partners now owns 1,031,110 shares of the bank’s stock worth $15,993,000 after buying an additional 472,690 shares during the period. First Trust Advisors LP increased its position in shares of First Foundation by 93.6% in the first quarter. First Trust Advisors LP now owns 82,047 shares of the bank’s stock worth $1,273,000 after buying an additional 39,672 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of First Foundation by 128.1% in the first quarter. Wells Fargo & Company MN now owns 81,240 shares of the bank’s stock worth $1,260,000 after buying an additional 45,620 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its position in shares of First Foundation by 100.0% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 284,074 shares of the bank’s stock worth $4,406,000 after buying an additional 142,037 shares in the last quarter. Finally, Eidelman Virant Capital increased its position in shares of First Foundation by 100.0% in the first quarter. Eidelman Virant Capital now owns 50,550 shares of the bank’s stock worth $784,000 after buying an additional 25,275 shares in the last quarter. Institutional investors and hedge funds own 50.77% of the company’s stock.
First Foundation (FFWM) opened at 17.35 on Tuesday. The firm has a 50 day moving average of $16.61 and a 200-day moving average of $15.90. First Foundation has a 12-month low of $11.15 and a 12-month high of $18.16. The stock has a market cap of $592.55 million, a PE ratio of 18.30 and a beta of 0.65.
First Foundation Company Profile
First Foundation Inc is a financial services holding company that provides a platform of personalized financial services to high net-worth individuals and their families, family businesses and other affiliated organizations. The Company conducts its operations through its subsidiaries, First Foundation Advisors (FFA) and First Foundation Bank (FFB), and First Foundation Insurance Services (FFIS), a subsidiary of FFB.
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