First Foundation Inc. (NASDAQ:FFWM – Get Rating) declared a quarterly dividend on Wednesday, October 26th, Wall Street Journal reports. Stockholders of record on Monday, November 7th will be paid a dividend of 0.11 per share by the bank on Thursday, November 17th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, November 4th.
First Foundation has a dividend payout ratio of 20.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Foundation to earn $2.21 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 19.9%.
First Foundation Stock Performance
Shares of NASDAQ:FFWM traded down $0.63 during midday trading on Wednesday, reaching $15.82. 889,301 shares of the company’s stock traded hands, compared to its average volume of 259,886. The company has a market cap of $892.06 million, a price-to-earnings ratio of 6.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.94 and a current ratio of 0.99. First Foundation has a one year low of $15.42 and a one year high of $29.41. The stock has a 50 day moving average of $19.07 and a 200 day moving average of $20.53.
First Foundation (NASDAQ:FFWM – Get Rating) last posted its quarterly earnings data on Tuesday, July 26th. The bank reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.07. First Foundation had a return on equity of 12.47% and a net margin of 33.93%. As a group, equities research analysts anticipate that First Foundation will post 2.13 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on FFWM shares. StockNews.com began coverage on First Foundation in a research report on Wednesday, October 12th. They set a “hold” rating for the company. DA Davidson cut First Foundation from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Wednesday. Piper Sandler reduced their price target on First Foundation to $24.00 in a research report on Friday, September 30th. B. Riley upped their price target on First Foundation from $21.00 to $23.00 in a research report on Wednesday, July 27th. Finally, Raymond James reduced their price target on First Foundation from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.40.
Institutional Trading of First Foundation
Several institutional investors have recently made changes to their positions in FFWM. ProShare Advisors LLC grew its position in shares of First Foundation by 8.2% during the first quarter. ProShare Advisors LLC now owns 9,388 shares of the bank’s stock worth $229,000 after purchasing an additional 711 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of First Foundation by 87.9% during the first quarter. JPMorgan Chase & Co. now owns 138,554 shares of the bank’s stock worth $3,366,000 after purchasing an additional 64,820 shares in the last quarter. Raymond James & Associates grew its position in shares of First Foundation by 6.7% during the first quarter. Raymond James & Associates now owns 58,474 shares of the bank’s stock worth $1,420,000 after purchasing an additional 3,671 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in First Foundation by 14.8% during the first quarter. Bank of New York Mellon Corp now owns 261,504 shares of the bank’s stock valued at $6,352,000 after buying an additional 33,771 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in First Foundation by 161.8% during the first quarter. Acadian Asset Management LLC now owns 17,382 shares of the bank’s stock valued at $422,000 after buying an additional 10,743 shares during the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s stock.
First Foundation Company Profile
First Foundation Inc, through its subsidiaries, provides personal banking, business banking, and private wealth management services in the United States. It operates through two segments, Banking and Wealth Management. 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 certificate of deposits; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and 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.