First Trust Advisors LP reduced its position in First Foundation Inc. (NASDAQ:FFWM) by 10.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 73,781 shares of the bank’s stock after selling 8,266 shares during the period. First Trust Advisors LP owned 0.22% of First Foundation worth $1,212,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in FFWM. Teachers Advisors LLC raised its stake in First Foundation by 4.1% in the 4th quarter. Teachers Advisors LLC now owns 22,005 shares of the bank’s stock valued at $627,000 after acquiring an additional 872 shares during the period. Bank of Montreal Can bought a new stake in First Foundation in the 1st quarter valued at about $138,000. Nationwide Fund Advisors raised its stake in First Foundation by 90.8% in the 1st quarter. Nationwide Fund Advisors now owns 17,943 shares of the bank’s stock valued at $278,000 after acquiring an additional 8,541 shares during the period. Russell Investments Group Ltd. raised its stake in First Foundation by 8.0% in the 1st quarter. Russell Investments Group Ltd. now owns 307,083 shares of the bank’s stock valued at $4,763,000 after acquiring an additional 22,616 shares during the period. Finally, Wells Fargo & Company MN raised its stake in First Foundation by 128.1% in the 1st quarter. Wells Fargo & Company MN now owns 81,240 shares of the bank’s stock valued at $1,260,000 after acquiring an additional 45,620 shares during the period. Institutional investors and hedge funds own 52.33% of the company’s stock.
First Foundation Inc. (NASDAQ:FFWM) opened at 17.07 on Tuesday. The firm’s 50-day moving average price is $16.94 and its 200-day moving average price is $16.24. The stock has a market cap of $588.28 million, a price-to-earnings ratio of 18.39 and a beta of 0.65. First Foundation Inc. has a 12-month low of $11.64 and a 12-month high of $18.16.
First Foundation (NASDAQ:FFWM) last posted its quarterly earnings data on Friday, July 28th. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.21 by $0.07. First Foundation had a return on equity of 10.82% and a net margin of 20.14%. The firm had revenue of $37.59 million for the quarter, compared to the consensus estimate of $36.38 million. On average, equities analysts predict that First Foundation Inc. will post $0.94 EPS for the current fiscal year.
In other news, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $17.12, for a total value of $232,832.00. Following the transaction, the chairman now owns 20,000 shares of the company’s stock, valued at $342,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Hakopian sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $16.48, for a total value of $164,800.00. Following the completion of the transaction, the insider now directly owns 33,200 shares in the company, valued at approximately $547,136. The disclosure for this sale can be found here. Insiders sold 173,600 shares of company stock worth $2,918,822 in the last ninety days. Corporate insiders own 18.50% of the company’s stock.
FFWM has been the topic of a number of research reports. Zacks Investment Research cut First Foundation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. FBR & Co upgraded First Foundation from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $21.00 in a research note on Thursday, June 22nd. TheStreet upgraded First Foundation from a “d” rating to a “c-” rating in a research note on Wednesday, July 26th. ValuEngine upgraded First Foundation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub cut First Foundation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $19.13.
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First Foundation Profile
First Foundation Inc is a financial services holding company that provides a platform of personalized financial services to high net-worth individuals and their families, family businesses and other affiliated organizations. The Company conducts its operations through its subsidiaries, First Foundation Advisors (FFA) and First Foundation Bank (FFB), and First Foundation Insurance Services (FFIS), a subsidiary of FFB.
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