Millennium Management LLC lowered its stake in First Foundation Inc (NASDAQ:FFWM) by 21.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 334,830 shares of the bank’s stock after selling 92,389 shares during the period. Millennium Management LLC owned 0.75% of First Foundation worth $4,306,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new position in shares of First Foundation in the 4th quarter valued at about $33,000. Quantamental Technologies LLC acquired a new position in shares of First Foundation in the 4th quarter valued at about $35,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of First Foundation by 118.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,890 shares of the bank’s stock valued at $37,000 after buying an additional 1,570 shares during the period. Phocas Financial Corp. acquired a new position in shares of First Foundation in the 4th quarter valued at about $41,000. Finally, Acadian Asset Management LLC acquired a new position in shares of First Foundation in the 4th quarter valued at about $126,000. 60.92% of the stock is owned by institutional investors.
First Foundation stock opened at $14.15 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.06 and a debt-to-equity ratio of 1.27. The stock has a market cap of $618.57 million, a price-to-earnings ratio of 12.09, a PEG ratio of 1.59 and a beta of 0.83. First Foundation Inc has a 52-week low of $11.79 and a 52-week high of $20.43.
First Foundation (NASDAQ:FFWM) last posted its earnings results on Wednesday, January 30th. The bank reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The firm had revenue of $50.07 million during the quarter, compared to analyst estimates of $51.61 million. First Foundation had a net margin of 17.67% and a return on equity of 9.82%. Equities analysts forecast that First Foundation Inc will post 1.25 EPS for the current fiscal year.
A number of research firms have issued reports on FFWM. Zacks Investment Research raised shares of First Foundation from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Wednesday, April 10th. BidaskClub raised shares of First Foundation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, April 9th. Finally, ValuEngine lowered shares of First Foundation from a “sell” rating to a “strong sell” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. First Foundation presently has a consensus rating of “Hold” and a consensus price target of $19.08.
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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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