Vanguard Group Inc. Has $18.94 Million Position in First Foundation Inc. (FFWM)
Vanguard Group Inc. boosted its position in shares of First Foundation Inc. (NASDAQ:FFWM) by 5.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,152,829 shares of the bank’s stock after purchasing an additional 62,230 shares during the period. Vanguard Group Inc. owned about 3.38% of First Foundation worth $18,941,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Legal & General Group Plc lifted its holdings in First Foundation by 101.4% during the 1st quarter. Legal & General Group Plc now owns 8,166 shares of the bank’s stock valued at $127,000 after purchasing an additional 4,112 shares during the last quarter. Alliancebernstein L.P. bought a new position in First Foundation during the 1st quarter valued at about $192,000. Marshall Wace North America L.P. bought a new position in First Foundation during the 2nd quarter valued at about $230,000. Trexquant Investment LP bought a new position in First Foundation during the 2nd quarter valued at about $267,000. Finally, American International Group Inc. lifted its holdings in First Foundation by 114.2% during the 1st quarter. American International Group Inc. now owns 16,256 shares of the bank’s stock valued at $252,000 after purchasing an additional 8,668 shares during the last quarter. 52.07% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO John Michel sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $16.58, for a total transaction of $497,400.00. Following the completion of the sale, the chief financial officer now directly owns 93,291 shares of the company’s stock, valued at $1,546,764.78. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Ulrich E. Keller, Jr. sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $16.47, for a total transaction of $131,760.00. Following the sale, the chairman now directly owns 20,000 shares of the company’s stock, valued at $329,400. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,200 shares of company stock valued at $1,866,782. Insiders own 18.50% of the company’s stock.
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First Foundation Inc. (FFWM) opened at $17.72 on Thursday. First Foundation Inc. has a 12 month low of $13.14 and a 12 month high of $19.84. The firm has a market cap of $673.69, a PE ratio of 19.42, a price-to-earnings-growth ratio of 2.63 and a beta of 0.67. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.07 and a quick ratio of 1.02.
First Foundation (NASDAQ:FFWM) last announced its earnings results on Wednesday, October 25th. The bank reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.03. First Foundation had a net margin of 19.62% and a return on equity of 10.32%. The company had revenue of $38.30 million during the quarter, compared to the consensus estimate of $38.83 million. sell-side analysts anticipate that First Foundation Inc. will post 0.97 EPS for the current year.
Several equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of First Foundation from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Friday, October 27th. TheStreet raised shares of First Foundation from a “c-” rating to a “b-” rating in a report on Tuesday, October 31st. ValuEngine downgraded shares of First Foundation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, BidaskClub downgraded shares of First Foundation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $19.88.
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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