First Foundation Inc (NASDAQ:FFWM) Expected to Announce Quarterly Sales of $56.69 Million

Equities analysts expect First Foundation Inc (NASDAQ:FFWM) to post $56.69 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for First Foundation’s earnings, with the highest sales estimate coming in at $57.60 million and the lowest estimate coming in at $56.00 million. First Foundation posted sales of $51.02 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 11.1%. The firm is scheduled to issue its next earnings report on Wednesday, July 22nd.

On average, analysts expect that First Foundation will report full year sales of $233.50 million for the current year, with estimates ranging from $228.00 million to $239.10 million. For the next financial year, analysts anticipate that the company will post sales of $241.55 million, with estimates ranging from $232.80 million to $251.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for First Foundation.

First Foundation (NASDAQ:FFWM) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.29 EPS for the quarter, hitting analysts’ consensus estimates of $0.29. First Foundation had a net margin of 19.76% and a return on equity of 9.59%. The business had revenue of $55.54 million during the quarter, compared to the consensus estimate of $53.81 million.

Several research firms have commented on FFWM. Piper Sandler upgraded shares of First Foundation from a “neutral” rating to an “overweight” rating and set a $15.00 price objective on the stock in a research report on Friday, April 24th. Wedbush began coverage on shares of First Foundation in a research report on Monday, March 23rd. They issued an “outperform” rating and a $13.00 price objective for the company. Zacks Investment Research downgraded shares of First Foundation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 12th. BidaskClub raised First Foundation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, April 28th. Finally, ValuEngine upgraded First Foundation from a “strong sell” rating to a “sell” rating in a report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.25.

NASDAQ FFWM traded up $0.01 during trading hours on Monday, reaching $13.88. The company’s stock had a trading volume of 76,207 shares, compared to its average volume of 203,721. The firm’s 50-day moving average price is $11.91 and its 200-day moving average price is $14.68. First Foundation has a 1 year low of $8.01 and a 1 year high of $17.64. The company has a market capitalization of $618.82 million, a price-to-earnings ratio of 10.67 and a beta of 1.47. The company has a quick ratio of 0.95, a current ratio of 1.05 and a debt-to-equity ratio of 1.27.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.28 dividend on an annualized basis and a yield of 2.02%. First Foundation’s dividend payout ratio is presently 22.40%.

In related news, CFO John Michel sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $12.47, for a total transaction of $623,500.00. Following the transaction, the chief financial officer now directly owns 37,000 shares in the company, valued at approximately $461,390. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Scott F. Kavanaugh bought 2,658 shares of First Foundation stock in a transaction that occurred on Monday, March 16th. The shares were acquired at an average cost of $10.40 per share, for a total transaction of $27,643.20. Following the completion of the transaction, the chief executive officer now directly owns 70,000 shares in the company, valued at $728,000. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 4,305 shares of company stock valued at $48,396. 13.90% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of FFWM. Great West Life Assurance Co. Can purchased a new stake in shares of First Foundation during the fourth quarter worth $46,000. Covington Capital Management lifted its position in shares of First Foundation by 181.6% during the fourth quarter. Covington Capital Management now owns 2,816 shares of the bank’s stock worth $49,000 after purchasing an additional 1,816 shares in the last quarter. Bank of Montreal Can grew its position in shares of First Foundation by 44.8% during the fourth quarter. Bank of Montreal Can now owns 4,965 shares of the bank’s stock worth $86,000 after buying an additional 1,535 shares in the last quarter. Martingale Asset Management L P purchased a new stake in shares of First Foundation in the 1st quarter valued at approximately $106,000. Finally, Advisor Group Holdings Inc. acquired a new stake in First Foundation in the first quarter valued at $110,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

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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Earnings History and Estimates for First Foundation (NASDAQ:FFWM)

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