First Foundation Inc. (NASDAQ:FFWM) Stake Increased by Renaissance Technologies LLC
Renaissance Technologies LLC boosted its stake in First Foundation Inc. (NASDAQ:FFWM) by 62.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 271,280 shares of the bank’s stock after buying an additional 104,470 shares during the period. Renaissance Technologies LLC’s holdings in First Foundation were worth $4,208,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in FFWM. Wells Fargo & Company MN boosted its stake in shares of First Foundation by 128.1% in the first quarter. Wells Fargo & Company MN now owns 81,240 shares of the bank’s stock valued at $1,260,000 after buying an additional 45,620 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of First Foundation by 8.0% in the first quarter. Russell Investments Group Ltd. now owns 307,083 shares of the bank’s stock valued at $4,763,000 after buying an additional 22,616 shares during the last quarter. Northpointe Capital LLC boosted its stake in shares of First Foundation by 142.1% in the first quarter. Northpointe Capital LLC now owns 238,990 shares of the bank’s stock valued at $3,707,000 after buying an additional 140,274 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of First Foundation during the fourth quarter valued at approximately $887,000. Finally, Teachers Advisors LLC boosted its stake in shares of First Foundation by 4.1% in the fourth quarter. Teachers Advisors LLC now owns 22,005 shares of the bank’s stock valued at $627,000 after buying an additional 872 shares during the last quarter. 50.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Foundation Inc. (NASDAQ:FFWM) traded up 0.4477% during midday trading on Monday, reaching $17.3875. The company had a trading volume of 7,504 shares. The firm’s 50 day moving average price is $16.61 and its 200-day moving average price is $15.90. The company has a market capitalization of $593.84 million, a P/E ratio of 18.3412 and a beta of 0.65. First Foundation Inc. has a 12 month low of $11.15 and a 12 month high of $18.16.
First Foundation (NASDAQ:FFWM) last posted its earnings results on Friday, July 28th. The bank reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.07. The company had revenue of $37.59 million for the quarter, compared to analyst estimates of $36.38 million. First Foundation had a net margin of 20.14% and a return on equity of 11.09%. Analysts anticipate that First Foundation Inc. will post $0.90 earnings per share for the current fiscal year.
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FFWM has been the topic of several recent analyst reports. Zacks Investment Research cut First Foundation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 10th. Piper Jaffray Companies initiated coverage on First Foundation in a report on Friday, May 12th. They set a “neutral” rating and a $18.00 target price on the stock. FBR & Co set a $21.00 target price on First Foundation and gave the stock a “buy” rating in a report on Monday, July 17th. ValuEngine raised First Foundation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, TheStreet raised First Foundation from a “d” rating to a “c-” rating in a report on Wednesday, July 26th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. First Foundation currently has an average rating of “Buy” and a consensus target price of $19.13.
In other First Foundation news, CFO John Michel sold 30,000 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $16.47, for a total value of $494,100.00. Following the sale, the chief financial officer now directly owns 83,291 shares in the company, valued at $1,371,802.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the stock in a transaction on Friday, June 30th. The stock was sold at an average price of $16.38, for a total transaction of $163,800.00. Following the completion of the sale, the chairman now owns 20,000 shares in the company, valued at $327,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,000 shares of company stock worth $809,800. Company insiders own 18.50% of the company’s stock.
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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