Piper Sandler Issues Pessimistic Forecast for First Foundation (NASDAQ:FFWM) Stock Price

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 - Free Report) had its price target cut by Piper Sandler from $6.00 to $5.50 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the bank's stock.

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

First Foundation Price Performance

NASDAQ:FFWM traded down $0.01 during trading hours on Friday, hitting $5.10. 1,175,847 shares of the stock traded hands, compared to its average volume of 735,776. The company has a market cap of $419.76 million, a price-to-earnings ratio of -3.80 and a beta of 1.00. First Foundation has a 1 year low of $4.41 and a 1 year high of $8.52. The stock has a 50 day moving average price of $5.24 and a 200 day moving average price of $5.18. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 1.80.

Institutional Trading of First Foundation

A number of large investors have recently added to or reduced their stakes in FFWM. Raymond James Financial Inc. purchased a new stake in First Foundation during the fourth quarter valued at $489,000. Vanguard Group Inc. raised its position in shares of First Foundation by 25.4% during the 4th quarter. Vanguard Group Inc. now owns 3,824,803 shares of the bank's stock valued at $23,752,000 after buying an additional 774,844 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of First Foundation by 234.5% in the 4th 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 last quarter. Geode Capital Management LLC grew its position in First Foundation by 12.5% in the fourth quarter. Geode Capital Management LLC now owns 1,593,473 shares of the bank's stock worth $9,898,000 after acquiring an additional 176,510 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in First Foundation by 34.3% during the fourth quarter. Wells Fargo & Company MN now owns 35,393 shares of the bank's stock worth $220,000 after buying an additional 9,030 shares during the period. Institutional investors own 73.10% of the company's stock.

First Foundation Company Profile

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.