Several other equities research analysts also recently commented on FFWM. Zacks Investment Research raised First Foundation from a hold rating to a buy rating and set a $21.00 price objective for the company in a report on Friday, October 27th. ValuEngine downgraded First Foundation from a buy rating to a hold rating in a report on Monday, October 2nd. FBR & Co set a $21.00 price objective on First Foundation and gave the company a buy rating in a report on Monday, July 17th. Finally, BidaskClub downgraded First Foundation from a buy rating to a hold rating in a report on Monday, July 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. First Foundation presently has an average rating of Buy and an average price target of $19.88.
First Foundation (NASDAQ:FFWM) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. First Foundation had a return on equity of 10.69% and a net margin of 19.62%. The firm had revenue of $38.30 million during the quarter, compared to the consensus estimate of $38.83 million.
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In related news, CFO John Michel sold 30,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $16.58, for a total value of $497,400.00. Following the sale, the chief financial officer now owns 93,291 shares in the company, valued at approximately $1,546,764.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $17.12, for a total value of $232,832.00. Following the completion of the sale, the chairman now owns 20,000 shares in the company, valued at approximately $342,400. The disclosure for this sale can be found here. In the last three months, insiders sold 163,600 shares of company stock valued at $2,755,022. 18.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in First Foundation by 2.4% in the 2nd quarter. FMR LLC now owns 1,529,878 shares of the bank’s stock valued at $25,135,000 after acquiring an additional 36,484 shares during the period. Vanguard Group Inc. raised its stake in First Foundation by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,152,829 shares of the bank’s stock valued at $18,941,000 after acquiring an additional 62,230 shares during the period. Banc Funds Co. LLC raised its stake in First Foundation by 5.3% in the 2nd quarter. Banc Funds Co. LLC now owns 814,398 shares of the bank’s stock valued at $13,381,000 after acquiring an additional 41,000 shares during the period. Emerald Mutual Fund Advisers Trust raised its stake in First Foundation by 103.5% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 578,105 shares of the bank’s stock valued at $9,498,000 after acquiring an additional 294,031 shares during the period. Finally, State Street Corp raised its stake in First Foundation by 13.8% in the 2nd quarter. State Street Corp now owns 457,699 shares of the bank’s stock valued at $7,520,000 after acquiring an additional 55,468 shares during the period. Institutional investors and hedge funds own 52.37% of the company’s stock.
About First Foundation
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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