EJF Capital LLC Increases Position in First Foundation Inc. $FFWM

EJF Capital LLC increased its stake in shares of First Foundation Inc. (NASDAQ:FFWM) by 267.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 661,308 shares of the bank’s stock after buying an additional 481,291 shares during the period. First Foundation comprises 2.1% of EJF Capital LLC’s portfolio, making the stock its 11th largest holding. EJF Capital LLC owned 0.80% of First Foundation worth $3,683,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Rafferty Asset Management LLC lifted its position in shares of First Foundation by 17.6% during the 3rd quarter. Rafferty Asset Management LLC now owns 125,313 shares of the bank’s stock valued at $698,000 after acquiring an additional 18,726 shares during the period. Quantbot Technologies LP raised its holdings in First Foundation by 11.1% during the third quarter. Quantbot Technologies LP now owns 64,472 shares of the bank’s stock worth $359,000 after purchasing an additional 6,417 shares during the last quarter. Oppenheimer & Close LLC raised its holdings in First Foundation by 90.1% during the third quarter. Oppenheimer & Close LLC now owns 84,387 shares of the bank’s stock worth $470,000 after purchasing an additional 40,000 shares during the last quarter. Vanguard Group Inc. boosted its position in First Foundation by 9.5% during the third quarter. Vanguard Group Inc. now owns 4,106,809 shares of the bank’s stock worth $22,875,000 after purchasing an additional 357,859 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in First Foundation by 633.3% in the third quarter. JPMorgan Chase & Co. now owns 426,714 shares of the bank’s stock valued at $2,377,000 after purchasing an additional 368,527 shares during the last quarter. 73.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler set a $6.75 price target on First Foundation and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, First Foundation currently has an average rating of “Moderate Buy” and an average price target of $6.58.

First Foundation Stock Performance

First Foundation stock opened at $5.86 on Friday. First Foundation Inc. has a fifty-two week low of $4.41 and a fifty-two week high of $6.72. The company has a market capitalization of $485.29 million, a price-to-earnings ratio of -4.37 and a beta of 0.93. The stock has a fifty day moving average of $6.21 and a two-hundred day moving average of $5.83. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.87 and a current ratio of 1.04.

First Foundation Profile

First Foundation Inc is a bank holding company headquartered in Irvine, California, that provides a suite of banking and wealth management services through its subsidiary, First Foundation Bank, and affiliated advisory firms. The company’s primary focus lies in serving high-net-worth individuals, privately held businesses, professionals and entrepreneurs, offering a combination of personalized banking solutions and tailored investment advice.

On the banking side, First Foundation offers deposit products, business checking accounts, cash management services and specialized lending solutions.