Citigroup Inc. raised its stake in shares of First Foundation Inc. (NASDAQ:FFWM) by 6.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,074 shares of the bank’s stock after buying an additional 1,255 shares during the quarter. Citigroup Inc.’s holdings in First Foundation were worth $497,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. Lazard Asset Management LLC raised its stake in First Foundation by 25.1% during the first quarter. Lazard Asset Management LLC now owns 2,101 shares of the bank’s stock valued at $49,000 after buying an additional 421 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of First Foundation by 4.3% in the 1st quarter. Ameriprise Financial Inc. now owns 12,607 shares of the bank’s stock worth $295,000 after purchasing an additional 520 shares in the last quarter. Advisor Group Holdings Inc. increased its holdings in shares of First Foundation by 5.0% in the 2nd quarter. Advisor Group Holdings Inc. now owns 12,719 shares of the bank’s stock worth $287,000 after purchasing an additional 606 shares in the last quarter. Covington Capital Management increased its holdings in shares of First Foundation by 4.3% in the 1st quarter. Covington Capital Management now owns 24,412 shares of the bank’s stock worth $573,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in shares of First Foundation by 690.6% in the 1st quarter. Captrust Financial Advisors now owns 1,178 shares of the bank’s stock worth $28,000 after purchasing an additional 1,029 shares in the last quarter. Institutional investors and hedge funds own 65.54% of the company’s stock.
In other news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $24.84, for a total value of $248,400.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Ulrich E. Keller, Jr. sold 5,000 shares of the business’s stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $24.31, for a total value of $121,550.00. Following the completion of the transaction, the chairman now owns 25,687 shares in the company, valued at $624,450.97. The disclosure for this sale can be found here. Insiders have sold 55,396 shares of company stock valued at $1,357,590 in the last three months. 12.60% of the stock is currently owned by corporate insiders.
First Foundation (NASDAQ:FFWM) last issued its quarterly earnings data on Tuesday, July 27th. The bank reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.06. First Foundation had a return on equity of 14.42% and a net margin of 33.78%. The company had revenue of $71.95 million during the quarter, compared to analyst estimates of $67.80 million. Analysts expect that First Foundation Inc. will post 2.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 20th. Shareholders of record on Monday, August 9th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend was Friday, August 6th. First Foundation’s dividend payout ratio is presently 19.15%.
FFWM has been the subject of a number of research analyst reports. Raymond James lifted their target price on First Foundation from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Thursday, October 7th. Zacks Investment Research lowered First Foundation from a “hold” rating to a “sell” rating in a report on Monday. Finally, B. Riley lifted their target price on First Foundation from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th.
First Foundation Profile
First Foundation, Inc is a bank holding, which engages in the provision of comprehensive platform of financial services to individuals, businesses, and organizations. It operates through the following segments: Banking and Wealth Management. The company was founded by John Avak Hakopian and Ulrich Emanuel Keller, Jr.
Read More: Hold Rating
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