Bank of America Corp DE raised its position in First Foundation Inc (NASDAQ:FFWM) by 226.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,047 shares of the bank’s stock after acquiring an additional 43,015 shares during the period. Bank of America Corp DE’s holdings in First Foundation were worth $1,151,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates boosted its position in First Foundation by 242.4% in the 2nd quarter. Raymond James & Associates now owns 90,518 shares of the bank’s stock valued at $1,678,000 after buying an additional 64,080 shares during the last quarter. Citadel Advisors LLC bought a new position in First Foundation in the 2nd quarter valued at $3,203,000. FMR LLC boosted its position in First Foundation by 26.1% in the 2nd quarter. FMR LLC now owns 3,968,414 shares of the bank’s stock valued at $73,574,000 after buying an additional 820,394 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in First Foundation by 39.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,001,365 shares of the bank’s stock valued at $18,566,000 after buying an additional 282,455 shares during the last quarter. Finally, BlackRock Inc. boosted its position in First Foundation by 21.8% in the 2nd quarter. BlackRock Inc. now owns 1,974,768 shares of the bank’s stock valued at $36,612,000 after buying an additional 353,161 shares during the last quarter. 53.26% of the stock is owned by hedge funds and other institutional investors.
In related news, Director James G. Brakke purchased 5,500 shares of First Foundation stock in a transaction dated Wednesday, August 29th. The shares were acquired at an average cost of $15.92 per share, for a total transaction of $87,560.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Hakopian sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $16.25, for a total value of $325,000.00. Following the completion of the transaction, the insider now owns 33,200 shares in the company, valued at $539,500. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 13,900 shares of company stock worth $224,822 and sold 93,400 shares worth $1,533,014. 14.30% of the stock is owned by company insiders.
First Foundation (NASDAQ:FFWM) last posted its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.07. First Foundation had a return on equity of 9.64% and a net margin of 13.75%. The business had revenue of $54.83 million for the quarter, compared to analyst estimates of $49.89 million. Analysts forecast that First Foundation Inc will post 1.08 EPS for the current year.
FFWM has been the topic of a number of recent research reports. TheStreet upgraded First Foundation from a “c+” rating to a “b-” rating in a research report on Thursday, November 1st. B. Riley set a $19.00 price objective on First Foundation and gave the company a “buy” rating in a research report on Friday, October 12th. Sandler O’Neill lowered First Foundation from a “buy” rating to a “hold” rating and set a $21.50 price objective on the stock. in a research report on Tuesday, July 31st. Piper Jaffray Companies set a $16.00 price objective on First Foundation and gave the company a “hold” rating in a research report on Monday, July 30th. Finally, Zacks Investment Research upgraded First Foundation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $19.90.
First Foundation Company Profile
First Foundation Inc, through its subsidiaries, provides financial services to individuals, businesses, and other organizations in the United States. It operates in two segments, Banking; and Investment Management and Wealth Planning. The company 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 certificates of deposit; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, and commercial term loans and lines of credit, as well as consumer loans, such as personal installment loans and lines of credit, and home equity lines of credit.
Further Reading: Return on Equity (ROE)
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