Northpointe Capital LLC Boosts Position in First Foundation Inc. (FFWM)
Northpointe Capital LLC boosted its position in shares of First Foundation Inc. (NASDAQ:FFWM) by 68.3% during the second quarter, Holdings Channel reports. The institutional investor owned 402,202 shares of the bank’s stock after buying an additional 163,212 shares during the period. Northpointe Capital LLC’s holdings in First Foundation were worth $6,608,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FFWM. Legal & General Group Plc increased its stake in shares of First Foundation by 101.4% in the first quarter. Legal & General Group Plc now owns 8,166 shares of the bank’s stock worth $127,000 after buying an additional 4,112 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of First Foundation during the first quarter worth about $138,000. Alliancebernstein L.P. bought a new stake in shares of First Foundation during the first quarter worth about $192,000. Hollencrest Securities LLC bought a new stake in shares of First Foundation during the second quarter worth about $207,000. Finally, Citadel Advisors LLC increased its stake in shares of First Foundation by 3.7% in the first quarter. Citadel Advisors LLC now owns 13,975 shares of the bank’s stock worth $217,000 after buying an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 50.97% of the company’s stock.
Shares of First Foundation Inc. (NASDAQ FFWM) opened at 17.25 on Wednesday. The stock’s 50 day moving average price is $16.89 and its 200 day moving average price is $16.11. The company has a market capitalization of $594.49 million, a P/E ratio of 18.59 and a beta of 0.65. First Foundation Inc. has a 52-week low of $11.64 and a 52-week high of $18.16.
First Foundation (NASDAQ:FFWM) last issued its earnings results on Friday, July 28th. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.07. The company had revenue of $37.59 million during the quarter, compared to analysts’ expectations of $36.38 million. First Foundation had a return on equity of 10.82% and a net margin of 20.14%. On average, equities research analysts forecast that First Foundation Inc. will post $0.94 earnings per share for the current fiscal year.
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A number of brokerages recently issued reports on FFWM. DA Davidson restated a “buy” rating and issued a $19.50 price target on shares of First Foundation in a research report on Monday, June 19th. ValuEngine upgraded First Foundation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub downgraded First Foundation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. FBR & Co raised their price target on First Foundation from $16.00 to $18.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 25th. Finally, Zacks Investment Research downgraded First Foundation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $19.13.
In other news, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of the company’s stock in a transaction on 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 approximately $342,400. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $15.19, for a total value of $151,900.00. Following the completion of the transaction, the chairman now directly owns 20,000 shares in the company, valued at approximately $303,800. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,600 shares of company stock valued at $548,532. 18.50% of the stock is owned by company insiders.
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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