Bank of Montreal Can held its stake in First Foundation Inc. (NASDAQ:FFWM) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,956 shares of the bank’s stock at the end of the 2nd quarter. Bank of Montreal Can’s holdings in First Foundation were worth $148,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in First Foundation by 356.3% in the first quarter. Goldman Sachs Group Inc. now owns 33,756 shares of the bank’s stock worth $524,000 after acquiring an additional 26,358 shares during the period. Bank of America Corp DE lifted its stake in First Foundation by 90.7% in the first quarter. Bank of America Corp DE now owns 19,642 shares of the bank’s stock worth $305,000 after acquiring an additional 9,340 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in First Foundation by 100.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 39,400 shares of the bank’s stock worth $612,000 after acquiring an additional 19,700 shares during the period. Renaissance Technologies LLC lifted its stake in First Foundation by 62.6% in the first quarter. Renaissance Technologies LLC now owns 271,280 shares of the bank’s stock worth $4,208,000 after acquiring an additional 104,470 shares during the period. Finally, Citadel Advisors LLC lifted its position in First Foundation by 3.7% during the first quarter. Citadel Advisors LLC now owns 13,975 shares of the bank’s stock valued at $217,000 after buying an additional 496 shares during the period. 52.33% of the stock is owned by institutional investors.
In related news, CFO John Michel sold 10,400 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $16.80, for a total transaction of $174,720.00. Following the completion of the sale, the chief financial officer now directly owns 83,691 shares in the company, valued at approximately $1,406,008.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ulrich E. Keller, Jr. sold 13,600 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $17.12, for a total value of $232,832.00. Following the sale, the chairman now owns 20,000 shares of the company’s stock, valued at $342,400. The disclosure for this sale can be found here. Insiders have sold a total of 89,355 shares of company stock worth $1,525,195 in the last three months. Corporate insiders own 18.50% of the company’s stock.
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Several equities analysts have commented on FFWM shares. Piper Jaffray Companies started coverage on First Foundation in a research report on Friday, May 12th. They set a “neutral” rating and a $18.00 price objective for the company. FBR & Co set a $21.00 price objective on First Foundation and gave the company a “buy” rating in a research report on Monday, July 17th. TheStreet raised First Foundation from a “d” rating to a “c-” rating in a research report on Wednesday, July 26th. Zacks Investment Research lowered First Foundation from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. Finally, BidaskClub lowered First Foundation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $19.13.
Shares of First Foundation Inc. (NASDAQ FFWM) traded up 0.87% during trading on Friday, reaching $16.31. The company’s stock had a trading volume of 19,455 shares. The stock has a market cap of $562.09 million, a price-to-earnings ratio of 17.58 and a beta of 0.65. The company has a 50-day moving average price of $16.99 and a 200-day moving average price of $16.24. First Foundation Inc. has a one year low of $11.64 and a one year high of $18.16.
First Foundation (NASDAQ:FFWM) last posted its quarterly earnings results on Friday, July 28th. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.07. First Foundation had a return on equity of 10.82% and a net margin of 20.14%. The business had revenue of $37.59 million for the quarter, compared to the consensus estimate of $36.38 million. On average, equities research analysts forecast that First Foundation Inc. will post $0.94 earnings per share for the current fiscal year.
First Foundation 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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