First Trust Advisors LP cut its stake in First Foundation Inc. (NASDAQ:FFWM) by 9.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 66,530 shares of the bank’s stock after selling 7,251 shares during the period. First Trust Advisors LP owned approximately 0.19% of First Foundation worth $1,190,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its holdings in First Foundation by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,079 shares of the bank’s stock valued at $362,000 after buying an additional 1,165 shares in the last quarter. State Street Corp increased its holdings in First Foundation by 13.8% in the second quarter. State Street Corp now owns 457,699 shares of the bank’s stock valued at $7,520,000 after buying an additional 55,468 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its holdings in First Foundation by 22.8% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 101,410 shares of the bank’s stock valued at $1,666,000 after buying an additional 18,800 shares in the last quarter. Voya Investment Management LLC increased its holdings in First Foundation by 9.0% in the second quarter. Voya Investment Management LLC now owns 21,231 shares of the bank’s stock valued at $349,000 after buying an additional 1,749 shares in the last quarter. Finally, OxFORD Asset Management LLP increased its holdings in First Foundation by 5.0% in the second quarter. OxFORD Asset Management LLP now owns 16,145 shares of the bank’s stock valued at $265,000 after buying an additional 772 shares in the last quarter. 50.95% of the stock is owned by institutional investors.
First Foundation Inc. (NASDAQ FFWM) opened at $18.95 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.02 and a current ratio of 1.07. First Foundation Inc. has a 12 month low of $13.55 and a 12 month high of $19.84. The firm has a market cap of $714.42, a P/E ratio of 20.60, a PEG ratio of 2.83 and a beta of 0.67.
In other news, CFO John Michel sold 10,400 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $16.80, for a total transaction of $174,720.00. Following the completion of the transaction, the chief financial officer now directly owns 83,691 shares of the company’s stock, valued at approximately $1,406,008.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 16,245 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $16.60, for a total transaction of $269,667.00. Following the transaction, the chairman now directly owns 20,000 shares of the company’s stock, valued at $332,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,845 shares of company stock valued at $1,588,747. Corporate insiders own 18.50% of the company’s stock.
A number of brokerages have issued reports on FFWM. Zacks Investment Research cut shares of First Foundation from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. TheStreet raised shares of First Foundation from a “c-” rating to a “b-” rating in a report on Tuesday, October 31st. Finally, ValuEngine cut shares of First Foundation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. First Foundation presently has an average rating of “Buy” and a consensus target price of $19.88.
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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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