Cadence Capital Management LLC raised its position in shares of First Foundation Inc (NASDAQ:FFWM) by 10.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 106,747 shares of the bank’s stock after purchasing an additional 9,822 shares during the quarter. Cadence Capital Management LLC’s holdings in First Foundation were worth $1,979,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FFWM. JPMorgan Chase & Co. grew its holdings in First Foundation by 531.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 112,998 shares of the bank’s stock valued at $1,857,000 after buying an additional 95,110 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in First Foundation during the 3rd quarter valued at approximately $1,671,000. Dimensional Fund Advisors LP grew its holdings in First Foundation by 21.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 442,734 shares of the bank’s stock valued at $7,921,000 after buying an additional 78,969 shares in the last quarter. Vanguard Group Inc. grew its holdings in First Foundation by 5.7% during the 2nd quarter. Vanguard Group Inc. now owns 1,152,829 shares of the bank’s stock valued at $18,941,000 after buying an additional 62,230 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in First Foundation by 120.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 112,765 shares of the bank’s stock valued at $2,018,000 after buying an additional 61,565 shares in the last quarter. Institutional investors and hedge funds own 49.94% of the company’s stock.
In related news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $18.66, for a total transaction of $186,600.00. Following the completion of the transaction, the chairman now owns 20,000 shares in the company, valued at approximately $373,200. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Max Briggs sold 5,305 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $19.11, for a total value of $101,378.55. Following the transaction, the director now owns 6,415 shares of the company’s stock, valued at approximately $122,590.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,305 shares of company stock valued at $664,279. 18.50% of the stock is owned by company insiders.
First Foundation (NASDAQ:FFWM) last announced its earnings results on Wednesday, January 31st. The bank reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01. The firm had revenue of $42.60 million during the quarter, compared to analysts’ expectations of $40.94 million. First Foundation had a return on equity of 10.92% and a net margin of 15.71%. research analysts forecast that First Foundation Inc will post 1.27 earnings per share for the current year.
FFWM has been the subject of a number of recent research reports. Zacks Investment Research upgraded First Foundation from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Friday, October 27th. Piper Jaffray Companies reiterated a “hold” rating and issued a $20.00 target price on shares of First Foundation in a report on Tuesday, January 9th. TheStreet upgraded First Foundation from a “c-” rating to a “b-” rating in a report on Tuesday, October 31st. BidaskClub cut First Foundation from a “hold” rating to a “sell” rating in a report on Friday, January 26th. Finally, B. Riley reiterated a “buy” rating and issued a $22.00 target price (down previously from $23.00) on shares of First Foundation in a report on Thursday, February 1st. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. First Foundation presently has a consensus rating of “Hold” and a consensus price target of $20.70.
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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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