M3F Inc. reduced its stake in shares of First Foundation Inc. (NASDAQ:FFWM) by 30.5% during the second quarter, Holdings Channel reports. The institutional investor owned 104,350 shares of the bank’s stock after selling 45,781 shares during the period. First Foundation comprises about 1.9% of M3F Inc.’s holdings, making the stock its 19th largest position. M3F Inc.’s holdings in First Foundation were worth $1,714,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of FFWM. Bank of New York Mellon Corp boosted its stake in First Foundation by 10.7% in the second quarter. Bank of New York Mellon Corp now owns 129,413 shares of the bank’s stock valued at $2,126,000 after buying an additional 12,557 shares in the last quarter. Northpointe Capital LLC boosted its stake in First Foundation by 68.3% in the second quarter. Northpointe Capital LLC now owns 402,202 shares of the bank’s stock valued at $6,608,000 after buying an additional 163,212 shares in the last quarter. Rhumbline Advisers boosted its stake in First Foundation by 7.2% in the second quarter. Rhumbline Advisers now owns 30,655 shares of the bank’s stock valued at $504,000 after buying an additional 2,062 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in First Foundation by 29.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 51,200 shares of the bank’s stock valued at $842,000 after buying an additional 11,800 shares in the last quarter. Finally, Trexquant Investment LP bought a new stake in First Foundation during the second quarter valued at approximately $267,000. 50.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of First Foundation Inc. (NASDAQ:FFWM) opened at 16.54 on Friday. The company has a 50-day moving average of $16.92 and a 200 day moving average of $16.12. First Foundation Inc. has a 52-week low of $11.64 and a 52-week high of $18.16. The company has a market capitalization of $570.02 million, a PE ratio of 17.82 and a beta of 0.65.
First Foundation (NASDAQ:FFWM) last issued its earnings results on Friday, July 28th. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.07. The business 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 10.82%. Analysts predict that First Foundation Inc. will post $0.94 earnings per share for the current year.
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Several research firms recently commented on FFWM. Zacks Investment Research cut shares of First Foundation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. TheStreet raised shares of First Foundation from a “d” rating to a “c-” rating in a research report on Wednesday, July 26th. BidaskClub cut shares of First Foundation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. FBR & Co set a $21.00 price objective on shares of First Foundation and gave the company a “buy” rating in a research report on Monday, July 17th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $19.50 price objective on shares of First Foundation in a research report on Monday, June 19th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $19.13.
In related news, Chairman Ulrich E. Keller, Jr. sold 10,000 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $15.19, for a total transaction of $151,900.00. Following the transaction, the chairman now directly owns 20,000 shares of the company’s stock, valued at $303,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $17.12, for a total transaction of $232,832.00. Following the transaction, the chairman now directly owns 20,000 shares in the company, valued at $342,400. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,400 shares of company stock worth $1,203,940. 18.50% of the stock is owned by insiders.
About First Foundation
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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