Strs Ohio grew its stake in shares of First Foundation Inc. (NASDAQ:FFWM – Free Report) by 10.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,100 shares of the bank’s stock after acquiring an additional 6,400 shares during the period. Strs Ohio owned 0.12% of First Foundation worth $274,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. ProShare Advisors LLC increased its holdings in shares of First Foundation by 8.2% during the first quarter. ProShare Advisors LLC now owns 9,388 shares of the bank’s stock worth $229,000 after purchasing an additional 711 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of First Foundation by 87.9% during the first quarter. JPMorgan Chase & Co. now owns 138,554 shares of the bank’s stock worth $3,366,000 after purchasing an additional 64,820 shares during the period. Raymond James & Associates increased its holdings in shares of First Foundation by 6.7% during the first quarter. Raymond James & Associates now owns 58,474 shares of the bank’s stock worth $1,420,000 after purchasing an additional 3,671 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of First Foundation by 14.8% during the first quarter. Bank of New York Mellon Corp now owns 261,504 shares of the bank’s stock worth $6,352,000 after purchasing an additional 33,771 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of First Foundation by 161.8% during the first quarter. Acadian Asset Management LLC now owns 17,382 shares of the bank’s stock worth $422,000 after purchasing an additional 10,743 shares during the period. 70.03% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on FFWM. TheStreet cut shares of First Foundation from a “c” rating to a “d” rating in a report on Thursday, July 27th. StockNews.com began coverage on shares of First Foundation in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Wedbush lifted their price objective on shares of First Foundation from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $11.17.
First Foundation Stock Performance
NASDAQ FFWM opened at $4.63 on Thursday. The firm’s fifty day moving average price is $6.47 and its two-hundred day moving average price is $5.73. The stock has a market cap of $261.32 million, a PE ratio of -1.42 and a beta of 1.04. First Foundation Inc. has a fifty-two week low of $3.69 and a fifty-two week high of $16.70. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.05 and a current ratio of 1.05.
First Foundation Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.01 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.86%. First Foundation’s payout ratio is presently -2.45%.
First Foundation Profile
First Foundation Inc, through its subsidiaries, provides banking services, investment advisory, wealth management, and trust services to individuals, businesses, and other organizations in the United States. The company operates in two segments, Banking and Wealth Management. It 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 certificate of deposits; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and commercial term loans and line of credits, as well as consumer loans, such as personal installment loans and line of credits, and home equity line of credits.
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