FY2024 Earnings Estimate for FFWM Issued By Wedbush

First Foundation Inc. (NASDAQ:FFWM) – Research analysts at Wedbush issued their FY2024 earnings estimates for shares of First Foundation in a note issued to investors on Wednesday, October 30th. Wedbush analyst D. Chiaverini expects that the bank will post earnings per share of $0.12 for the year. The consensus estimate for First Foundation’s current full-year earnings is ($0.13) per share. Wedbush also issued estimates for First Foundation’s Q4 2024 earnings at $0.00 EPS.

First Foundation (NASDAQ:FFWM) last announced its quarterly earnings data on Tuesday, October 29th. The bank reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.33. The business had revenue of $61.06 million during the quarter, compared to the consensus estimate of $60.60 million. First Foundation had a negative net margin of 11.52% and a positive return on equity of 1.07%.

Several other brokerages also recently weighed in on FFWM. StockNews.com upgraded shares of First Foundation from a “sell” rating to a “hold” rating in a research note on Wednesday. Stephens downgraded shares of First Foundation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.80.

First Foundation Stock Performance

Shares of NASDAQ:FFWM opened at $6.74 on Friday. The firm has a market cap of $457.31 million, a PE ratio of 40.88 and a beta of 1.32. The firm’s 50 day simple moving average is $6.84 and its 200-day simple moving average is $6.32. First Foundation has a one year low of $4.41 and a one year high of $11.47. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.04 and a current ratio of 1.04.

Institutional Investors Weigh In On First Foundation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lord Abbett & CO. LLC acquired a new stake in shares of First Foundation during the first quarter worth $3,819,000. Kennedy Capital Management LLC acquired a new stake in shares of First Foundation during the first quarter worth $1,731,000. Cubist Systematic Strategies LLC acquired a new position in First Foundation during the second quarter valued at $563,000. Elizabeth Park Capital Advisors Ltd. lifted its position in First Foundation by 26.7% during the second quarter. Elizabeth Park Capital Advisors Ltd. now owns 463,953 shares of the bank’s stock valued at $3,039,000 after purchasing an additional 97,732 shares during the period. Finally, Thrivent Financial for Lutherans acquired a new position in First Foundation during the second quarter valued at $838,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

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.