First Foundation Inc (NASDAQ:FFWM) – Stock analysts at Piper Jaffray Companies dropped their Q2 2020 earnings per share (EPS) estimates for First Foundation in a research note issued on Tuesday, November 12th. Piper Jaffray Companies analyst M. Clark now anticipates that the bank will earn $0.32 per share for the quarter, down from their previous forecast of $0.34. Piper Jaffray Companies also issued estimates for First Foundation’s Q3 2020 earnings at $0.41 EPS, Q4 2020 earnings at $0.38 EPS, Q1 2021 earnings at $0.34 EPS, Q2 2021 earnings at $0.37 EPS and FY2021 earnings at $1.50 EPS.
First Foundation (NASDAQ:FFWM) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.02. The company had revenue of $57.11 million for the quarter, compared to analysts’ expectations of $56.83 million. First Foundation had a return on equity of 9.52% and a net margin of 19.41%.
First Foundation stock opened at $16.18 on Wednesday. The stock’s 50 day moving average is $15.44 and its 200 day moving average is $14.39. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.98 and a quick ratio of 0.88. The firm has a market cap of $732.32 million, a P/E ratio of 13.83 and a beta of 0.87. First Foundation has a one year low of $11.79 and a one year high of $16.77.
In related news, CFO John Michel sold 5,000 shares of First Foundation stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $15.74, for a total value of $78,700.00. Following the transaction, the chief financial officer now directly owns 37,000 shares of the company’s stock, valued at $582,380. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 13.90% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC lifted its stake in shares of First Foundation by 1.9% in the second quarter. Citadel Advisors LLC now owns 41,042 shares of the bank’s stock worth $551,000 after acquiring an additional 758 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of First Foundation by 15.5% in the second quarter. JPMorgan Chase & Co. now owns 10,739 shares of the bank’s stock worth $143,000 after acquiring an additional 1,444 shares during the period. Royal Bank of Canada lifted its stake in shares of First Foundation by 565.5% in the second quarter. Royal Bank of Canada now owns 3,088 shares of the bank’s stock worth $42,000 after acquiring an additional 2,624 shares during the period. Bank of America Corp DE lifted its stake in First Foundation by 3.5% in the second quarter. Bank of America Corp DE now owns 80,447 shares of the bank’s stock valued at $1,081,000 after buying an additional 2,707 shares during the period. Finally, Phocas Financial Corp. acquired a new position in First Foundation in the second quarter valued at approximately $42,000. 59.32% of the stock is currently owned by institutional investors.
About First Foundation
First Foundation Inc, through its subsidiaries, provides financial services to individuals, businesses, and other organizations in the United States. It operates in two segments, Banking; and Investment Management and Wealth Planning. The company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and commercial term loans and lines of credit, as well as consumer loans, such as personal installment loans and lines of credit, and home equity lines of credit.
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