Alliancebernstein L.P. boosted its holdings in First Foundation (NASDAQ:FFWM) by 583.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 130,461 shares of the bank’s stock after acquiring an additional 111,361 shares during the period. Alliancebernstein L.P. owned 0.34% of First Foundation worth $2,419,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TCW Group Inc. purchased a new stake in First Foundation in the fourth quarter valued at approximately $840,000. Schwab Charles Investment Management Inc. raised its position in First Foundation by 13.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 127,610 shares of the bank’s stock valued at $2,366,000 after purchasing an additional 14,845 shares during the period. Wedbush Securities Inc. purchased a new stake in First Foundation in the fourth quarter valued at approximately $210,000. Swiss National Bank raised its position in First Foundation by 11.8% in the fourth quarter. Swiss National Bank now owns 52,000 shares of the bank’s stock valued at $964,000 after purchasing an additional 5,500 shares during the period. Finally, First Trust Advisors LP raised its position in First Foundation by 8.6% in the fourth quarter. First Trust Advisors LP now owns 72,230 shares of the bank’s stock valued at $1,339,000 after purchasing an additional 5,700 shares during the period. 53.06% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on the company. Zacks Investment Research lowered First Foundation from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Sandler O’Neill reissued a “buy” rating on shares of First Foundation in a research report on Thursday, March 29th. TheStreet lowered First Foundation from a “b” rating to a “c+” rating in a research report on Tuesday, February 6th. BidaskClub lowered First Foundation from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. Finally, Piper Jaffray reissued a “hold” rating and issued a $20.00 target price on shares of First Foundation in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $20.70.
First Foundation (NASDAQ:FFWM) last posted its quarterly earnings data on Wednesday, January 31st. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. First Foundation had a return on equity of 10.28% and a net margin of 15.71%. The business had revenue of $42.60 million for the quarter, compared to analyst estimates of $40.94 million. analysts predict that First Foundation will post 1.27 EPS for the current year.
In other news, Director Max Briggs sold 24,695 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $19.00, for a total transaction of $469,205.00. Following the sale, the director now owns 11,101 shares of the company’s stock, valued at $210,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Warren D. Fix sold 16,746 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $18.28, for a total value of $306,116.88. Following the sale, the director now directly owns 73,234 shares in the company, valued at approximately $1,338,717.52. The disclosure for this sale can be found here. Insiders have sold 123,791 shares of company stock worth $2,304,202 in the last ninety days. Corporate insiders own 18.50% of the company’s stock.
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About First Foundation
First Foundation Inc, through its subsidiaries, provides financial services to individuals, businesses, and other organizations in the United States. It operates in two segments, Banking; and Investment Management and Wealth Planning. The company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and commercial term loans and lines of credit, as well as consumer loans, such as personal installment loans and lines of credit, and home equity lines of credit.
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