Zacks: Analysts Expect First Foundation Inc. (FFWM) Will Post Quarterly Sales of $36.38 Million

Equities analysts forecast that First Foundation Inc. (NASDAQ:FFWM) will report $36.38 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for First Foundation’s earnings. The highest sales estimate is $36.70 million and the lowest is $36.03 million. First Foundation reported sales of $26.83 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 35.6%. The business is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, July 26th.

On average, analysts expect that First Foundation will report full year sales of $36.38 million for the current year, with estimates ranging from $150.50 million to $151.30 million. For the next year, analysts forecast that the firm will report sales of $194.26 million per share, with estimates ranging from $189.10 million to $199.28 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover First Foundation.

First Foundation (NASDAQ:FFWM) last issued its quarterly earnings data on Monday, April 24th. The bank reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.01. First Foundation had a return on equity of 8.99% and a net margin of 17.72%. The company had revenue of $33.84 million during the quarter, compared to analysts’ expectations of $33.53 million.

FFWM has been the topic of several research reports. FBR & Co set a $21.00 price target on First Foundation and gave the company a “buy” rating in a research note on Monday, July 17th. Zacks Investment Research lowered First Foundation from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. ValuEngine upgraded First Foundation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. DA Davidson restated a “buy” rating and set a $19.50 price target on shares of First Foundation in a research note on Monday, June 19th. Finally, Piper Jaffray Companies initiated coverage on First Foundation in a research note on Friday, May 12th. They set a “neutral” rating and a $18.00 price target on the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.13.

Shares of First Foundation (FFWM) traded down 0.84% during midday trading on Wednesday, reaching $16.61. The company’s stock had a trading volume of 104,266 shares. The company’s 50-day moving average price is $16.30 and its 200 day moving average price is $15.71. The firm has a market capitalization of $553.81 million, a PE ratio of 21.60 and a beta of 0.64. First Foundation has a 1-year low of $11.03 and a 1-year high of $17.26.

In related news, Chairman Ulrich E. Keller, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $15.71, for a total transaction of $78,550.00. Following the transaction, the chairman now directly owns 20,000 shares in the company, valued at $314,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John Michel sold 20,000 shares of the business’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $15.86, for a total value of $317,200.00. Following the transaction, the chief financial officer now owns 61,040 shares in the company, valued at $968,094.40. The disclosure for this sale can be found here. Insiders have sold 75,000 shares of company stock worth $1,205,550 over the last 90 days. Corporate insiders own 22.00% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. FMR LLC raised its position in shares of First Foundation by 140.1% in the first quarter. FMR LLC now owns 1,493,394 shares of the bank’s stock valued at $23,163,000 after buying an additional 871,347 shares in the last quarter. Mendon Capital Advisors Corp raised its position in shares of First Foundation by 100.2% in the first quarter. Mendon Capital Advisors Corp now owns 1,450,582 shares of the bank’s stock valued at $22,499,000 after buying an additional 725,881 shares in the last quarter. Vanguard Group Inc. raised its position in shares of First Foundation by 110.5% in the first quarter. Vanguard Group Inc. now owns 1,090,599 shares of the bank’s stock valued at $16,915,000 after buying an additional 572,520 shares in the last quarter. Boston Partners raised its position in shares of First Foundation by 84.6% in the first quarter. Boston Partners now owns 1,031,110 shares of the bank’s stock valued at $15,993,000 after buying an additional 472,690 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of First Foundation by 59.8% in the first quarter. Wellington Management Group LLP now owns 708,708 shares of the bank’s stock valued at $10,992,000 after buying an additional 265,140 shares in the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.

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About First Foundation

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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