First Western Financial (NASDAQ:MYFW) Announces Earnings Results

Key Points

• First Western Financial met earnings expectations, reporting quarterly EPS of $0.60, while revenue of $28.87 million fell short of the $29.49 million analyst consensus. Net margin was 9.50% and return on equity was 6.82%.
• Shares rose 2.0% to $30.14, with the stock valued at a $294.47 million market capitalization and trading between a 12-month range of $22.00 to $34.36.
• Analyst sentiment remains mixed but centered on “Hold”, with a consensus price target of $32.33; targets range from $31 to $33. CEO Scott C. Wylie also sold 10,000 shares, while insiders retain a 13.10% ownership stake.

First Western Financial (NASDAQ:MYFW - Get Free Report) released its quarterly earnings results on Thursday. The company reported $0.60 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.60, Zacks reports. The company had revenue of $28.87 million during the quarter, compared to analysts' expectations of $29.49 million. First Western Financial had a net margin of 9.50% and a return on equity of 6.82%.

First Western Financial Trading Up 2.0%

Shares of MYFW stock traded up $0.60 on Thursday, reaching $30.14. The company had a trading volume of 74,966 shares, compared to its average volume of 43,020. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.29. The stock has a market cap of $294.47 million, a PE ratio of 16.20 and a beta of 0.76. The company has a 50-day moving average of $30.56 and a 200-day moving average of $30.09. First Western Financial has a 12 month low of $22.00 and a 12 month high of $34.36.

Wall Street Analyst Weigh In

Several brokerages have commented on MYFW. Piper Sandler lifted their price target on First Western Financial from $30.00 to $31.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Zacks Research raised shares of First Western Financial from a "strong sell" rating to a "hold" rating in a report on Friday, September 25th. Keefe, Bruyette & Woods lifted their price objective on First Western Financial from $29.00 to $33.00 and gave the company an "outperform" rating in a report on Thursday, June 25th. Weiss Ratings raised First Western Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 4th. Finally, Hovde Group started coverage on shares of First Western Financial in a research note on Friday, September 18th. They set a "hold" rating and a $33.00 price target on the stock. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $32.33.

Insiders Place Their Bets

In other First Western Financial news, CEO Scott C. Wylie sold 10,000 shares of the business's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $30.55, for a total value of $305,500.00. Following the completion of the transaction, the chief executive officer directly owned 740,312 shares of the company's stock, valued at approximately $22,616,531.60. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.10% of the company's stock.

First Western Financial Company Profile

First Western Financial, Inc is a financial holding company headquartered in Denver, Colorado. Through its principal subsidiary, First Western Trust Bank, the company provides private banking, wealth management, trust and investment management, and commercial banking services to individuals, families, entrepreneurs, professionals, and businesses.

Its banking activities include deposit accounts, residential and commercial real estate lending, commercial loans, construction financing, and other credit solutions.

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