Piper Sandler Increases Price Target for First Western Financial to $23.00

Research analysts at Piper Sandler recently upgraded the price target for First Western Financial (NASDAQ:MYFW) from $22.00 to $23.00 in a report released on Tuesday. This adjustment also came with a "neutral" rating for the stock. The new price target implies a potential upside of 9.52% from its previous closing price.

Other analysts have also recently made adjustments to their outlooks on MYFW. For instance, Keefe, Bruyette & Woods raised their price target to $25.00 from $23.00, giving the stock an "outperform" rating in a report on December 4. Similarly, Hovde Group increased their target from $21.00 to $23.50, also giving the stock an "outperform" rating back in August.

First Western Financial Overview

As of Tuesday, NASDAQ:MYFW opened at $21.00. The company has a quick ratio of 1.06 and a current ratio of 1.07, alongside a debt-to-equity ratio of 0.46. Over the past year, First Western Financial has seen its stock prices range from a low of $12.84 to a high of $22.32. Currently, the firm's 50-day moving average stands at $20.57, while the 200-day moving average is $18.83. The company has a market capitalization of $202.94 million and a P/E ratio of 33.87, with a beta of 0.65.

First Western Financial released its quarterly earnings on October 24, reporting earnings of $0.22 per share, which fell short of the consensus estimate of $0.30 by $0.08. The firm exhibited a net margin of 3.33% and a return on equity of 2.44%. Revenue for the quarter amounted to $45.06 million, exceeding the consensus estimate of $24.10 million. In the same period last year, the company reported earnings of $0.32 per share. Analysts predict that First Western Financial will achieve an EPS of 0.96 for the current year.

Insider Transactions

In related news, Director David R. Duncan sold 8,600 shares of First Western Financial on October 30, at an average price of $19.03, totaling approximately $163,658. Post-sale, Duncan now owns about 8,760 shares of the company, valued at roughly $166,702.80. This sale represented a 49.54% decrease in his position. The transaction was disclosed in a filing with the SEC; currently, 17.90% of the company’s stock is owned by insiders.

Institutional Ownership Trends

Several large investors have adjusted their positions in First Western Financial recently. Wasatch Advisors LP increased its holdings by 22.5% during the third quarter, bringing their total to 446,009 shares valued at $8,920,000 after acquiring an additional 82,019 shares. Vanguard Group Inc. also raised its stake by 1.2% in the first quarter, owning 369,313 shares now valued at $5,385,000 after buying 4,415 more shares. Furthermore, Strategic Value Bank Partners LLC boosted its investment by 12.9% during the second quarter, owning 249,226 shares valued at $4,237,000 following a purchase of 28,563 shares. Jacobs Asset Management LLC raised its position by 31.4% during the third quarter, holding 208,114 shares worth $4,162,000 after acquiring an additional 49,679 shares. Lastly, Geode Capital Management LLC grew its stake by 1.5%, owning 174,570 shares valued at $3,492,000. Overall, institutional investors own 60.26% of the company’s stock.

Company Background

First Western Financial, Inc. is a financial holding company that specializes in various services such as wealth advisory, private banking, personal trust, investment management, mortgage lending, and institutional asset management. The company operates through two main segments: Wealth Management and Mortgage. The Wealth Management segment offers a range of services including deposits, loans, life insurance, and trust and investment management advisory products.

Financial, Stock, Target