First Western Financial (NASDAQ:MYFW) Posts Earnings Results, Misses Expectations By $0.06 EPS

Key Points

• First Western Financial reported earnings of $0.32 EPS, missing the consensus estimate of $0.38 EPS by $0.06.
• Following the earnings announcement, shares of MYFW stock traded down 1.6%, reaching $22.68 amid a lower trading volume compared to average.
• Analysts have upgraded the stock's rating from a "strong sell" to a "hold," with a consensus price target set at $24.33.

First Western Financial (NASDAQ:MYFW - Get Free Report) announced its earnings results on Thursday. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.06), Zacks reports. First Western Financial had a return on equity of 4.55% and a net margin of 6.50%.

First Western Financial Trading Down 1.6%

Shares of MYFW stock traded down $0.36 during trading hours on Thursday, reaching $22.68. The company's stock had a trading volume of 7,525 shares, compared to its average volume of 37,690. The company has a current ratio of 1.11, a quick ratio of 1.10 and a debt-to-equity ratio of 0.80. First Western Financial has a one year low of $17.10 and a one year high of $24.88. The stock has a market capitalization of $220.45 million, a P/E ratio of 19.06 and a beta of 0.85. The firm's fifty day simple moving average is $22.77 and its 200 day simple moving average is $21.88.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MYFW. Zacks Research upgraded First Western Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. Weiss Ratings reiterated a "hold (c)" rating on shares of First Western Financial in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of First Western Financial from a "sell" rating to a "hold" rating in a report on Sunday. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, First Western Financial has a consensus rating of "Hold" and a consensus price target of $24.33.

Insiders Place Their Bets

In other First Western Financial news, CEO Scott C. Wylie sold 5,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $23.59, for a total transaction of $117,950.00. Following the transaction, the chief executive officer directly owned 757,164 shares of the company's stock, valued at approximately $17,861,498.76. The trade was a 0.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Western Financial

A number of institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in shares of First Western Financial during the 2nd quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership purchased a new stake in First Western Financial in the second quarter worth $357,000. Empowered Funds LLC raised its holdings in First Western Financial by 8.0% in the first quarter. Empowered Funds LLC now owns 24,763 shares of the company's stock worth $487,000 after purchasing an additional 1,824 shares in the last quarter. Acadian Asset Management LLC raised its holdings in First Western Financial by 122.7% in the first quarter. Acadian Asset Management LLC now owns 40,626 shares of the company's stock worth $796,000 after purchasing an additional 22,382 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in First Western Financial by 2.9% during the second quarter. Bridgeway Capital Management LLC now owns 82,533 shares of the company's stock valued at $1,862,000 after buying an additional 2,288 shares during the period. 60.26% of the stock is owned by institutional investors.

About First Western Financial

First Western Financial, Inc, a financial holding company, provides wealth advisory, private baking, personal trust, investment management, mortgage lending, and institutional asset management services. The company operates through two segments: Wealth Management and Mortgage. The Wealth Management segment provides deposit, loan, life insurance, and trust and investment management advisory products and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.