First Foundation (NASDAQ:FFWM) Price Target Cut to $5.50 by Analysts at Piper Sandler

Key Points

• Analysts at Piper Sandler have reduced the price target for First Foundation's stock from $6.00 to $5.50, suggesting a potential upside of 12.59% from its current price.
• The stock of First Foundation opened at $4.89 and has experienced significant fluctuations, with a 12-month low of $4.41 and a high of $8.52.
• Institutional investors own 73.10% of First Foundation, with hedge funds making noticeable changes to their positions in the company recently.

First Foundation (NASDAQ:FFWM - Get Free Report) had its target price cut by analysts at Piper Sandler from $6.00 to $5.50 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the bank's stock. Piper Sandler's price target indicates a potential upside of 12.59% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Wall Street Zen downgraded First Foundation from a "hold" rating to a "sell" rating in a research report on Wednesday, May 14th. Jefferies Financial Group set a $7.00 price objective on First Foundation and gave the stock a "buy" rating in a research report on Wednesday, May 21st.

First Foundation Price Performance

First Foundation stock opened at $4.89 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $402.46 million, a PE ratio of -3.65 and a beta of 0.97. First Foundation has a 12 month low of $4.41 and a 12 month high of $8.52. The stock has a 50-day moving average price of $5.25 and a two-hundred day moving average price of $5.21.

Hedge Funds Weigh In On First Foundation

A number of hedge funds have recently made changes to their positions in FFWM. Raymond James Financial Inc. bought a new stake in First Foundation in the fourth quarter worth approximately $489,000. JPMorgan Chase & Co. grew its stake in First Foundation by 234.5% in the fourth quarter. JPMorgan Chase & Co. now owns 167,940 shares of the bank's stock valued at $1,043,000 after acquiring an additional 117,730 shares during the period. Dimensional Fund Advisors LP grew its stake in First Foundation by 19.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,368,965 shares of the bank's stock valued at $14,711,000 after acquiring an additional 379,288 shares during the period. Royce & Associates LP grew its stake in First Foundation by 13.7% in the first quarter. Royce & Associates LP now owns 1,452,919 shares of the bank's stock valued at $7,541,000 after acquiring an additional 175,300 shares during the period. Finally, Wells Fargo & Company MN grew its stake in First Foundation by 34.3% in the fourth quarter. Wells Fargo & Company MN now owns 35,393 shares of the bank's stock valued at $220,000 after acquiring an additional 9,030 shares during the period. 73.10% of the stock is currently owned by institutional investors.

About First Foundation

First Foundation Inc, through its subsidiaries, provides banking services, investment advisory, wealth management, and trust services to individuals, businesses, and other organizations in the United States. The company operates in two segments, Banking and Wealth Management. It offers a range of deposit products, including personal and business checking accounts, savings accounts, interest-bearing demand deposit 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, 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.

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