Rhumbline Advisers Has $504,000 Holdings in First Foundation Inc. (FFWM)
Rhumbline Advisers raised its stake in shares of First Foundation Inc. (NASDAQ:FFWM) by 7.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,655 shares of the bank’s stock after buying an additional 2,062 shares during the quarter. Rhumbline Advisers owned about 0.09% of First Foundation worth $504,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. FMR LLC grew its holdings in First Foundation by 140.1% during the 1st quarter. FMR LLC now owns 1,493,394 shares of the bank’s stock valued at $23,163,000 after buying an additional 871,347 shares in the last quarter. Mendon Capital Advisors Corp lifted its holdings in shares of First Foundation by 100.2% in the first quarter. Mendon Capital Advisors Corp now owns 1,450,582 shares of the bank’s stock worth $22,499,000 after buying an additional 725,881 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Foundation by 110.5% in the first quarter. Vanguard Group Inc. now owns 1,090,599 shares of the bank’s stock worth $16,915,000 after buying an additional 572,520 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of First Foundation by 59.8% in the first quarter. Wellington Management Group LLP now owns 708,708 shares of the bank’s stock worth $10,992,000 after buying an additional 265,140 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its holdings in shares of First Foundation by 103.5% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 578,105 shares of the bank’s stock worth $9,498,000 after buying an additional 294,031 shares in the last quarter. 52.33% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of First Foundation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $17.28, for a total transaction of $235,008.00. Following the transaction, the chairman now owns 20,000 shares in the company, valued at approximately $345,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Ulrich E. Keller, Jr. sold 6,800 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $17.30, for a total transaction of $117,640.00. Following the completion of the transaction, the chairman now directly owns 20,000 shares of the company’s stock, valued at approximately $346,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,600 shares of company stock valued at $2,755,022. Corporate insiders own 18.50% of the company’s stock.
Shares of First Foundation Inc. (FFWM) opened at 18.23 on Wednesday. First Foundation Inc. has a 1-year low of $11.64 and a 1-year high of $18.25. The company’s 50-day moving average price is $17.03 and its 200 day moving average price is $16.39. The company has a market cap of $628.26 million, a price-to-earnings ratio of 19.64 and a beta of 0.67.
First Foundation (NASDAQ:FFWM) last issued its quarterly earnings results on Friday, July 28th. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.07. The business had revenue of $37.59 million for the quarter, compared to the consensus estimate of $36.38 million. First Foundation had a net margin of 20.14% and a return on equity of 10.82%. On average, analysts predict that First Foundation Inc. will post $0.93 earnings per share for the current fiscal year.
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A number of equities analysts have recently commented on the stock. DA Davidson restated a “buy” rating and issued a $19.50 price objective on shares of First Foundation in a research report on Monday, June 19th. Zacks Investment Research raised shares of First Foundation from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, June 29th. FBR & Co set a $21.00 target price on shares of First Foundation and gave the stock a “buy” rating in a report on Monday, July 17th. TheStreet raised shares of First Foundation from a “d” rating to a “c-” rating in a report on Wednesday, July 26th. Finally, ValuEngine cut shares of First Foundation from a “buy” rating to a “hold” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $19.13.
First Foundation Company 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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