Quantitative Systematic Strategies LLC increased its position in shares of First Foundation Inc. (NASDAQ:FFWM) by 21.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,320 shares of the bank’s stock after acquiring an additional 2,179 shares during the period. Quantitative Systematic Strategies LLC’s holdings in First Foundation were worth $161,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in First Foundation by 6.6% during the first quarter. FMR LLC now owns 4,000,694 shares of the bank’s stock worth $54,289,000 after acquiring an additional 247,100 shares during the period. Jennison Associates LLC grew its holdings in First Foundation by 44.2% during the third quarter. Jennison Associates LLC now owns 1,467,906 shares of the bank’s stock worth $19,186,000 after acquiring an additional 450,101 shares during the period. Russell Investments Group Ltd. grew its holdings in First Foundation by 31.7% during the second quarter. Russell Investments Group Ltd. now owns 1,435,202 shares of the bank’s stock worth $23,441,000 after acquiring an additional 345,667 shares during the period. Goldman Sachs Group Inc. grew its holdings in First Foundation by 8.2% during the second quarter. Goldman Sachs Group Inc. now owns 839,408 shares of the bank’s stock worth $13,716,000 after acquiring an additional 63,475 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in First Foundation by 12.4% during the third quarter. Principal Financial Group Inc. now owns 517,918 shares of the bank’s stock worth $6,769,000 after acquiring an additional 57,216 shares during the period. 62.13% of the stock is currently owned by hedge funds and other institutional investors.
FFWM has been the subject of a number of recent analyst reports. TheStreet upgraded First Foundation from a “c” rating to a “b-” rating in a research report on Monday, November 16th. BidaskClub lowered First Foundation from a “buy” rating to a “hold” rating in a research report on Monday, November 9th. Zacks Investment Research lowered First Foundation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 11th. ValuEngine upgraded First Foundation from a “strong sell” rating to a “sell” rating in a research report on Monday, November 16th. Finally, Piper Sandler decreased their price target on First Foundation from $19.50 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $17.60.
First Foundation (NASDAQ:FFWM) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.19. First Foundation had a return on equity of 12.35% and a net margin of 25.59%. The firm had revenue of $75.26 million during the quarter, compared to analyst estimates of $65.47 million. Research analysts anticipate that First Foundation Inc. will post 1.83 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 17th. Shareholders of record on Monday, November 9th were given a dividend of $0.07 per share. The ex-dividend date was Friday, November 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.55%. First Foundation’s payout ratio is presently 22.40%.
First Foundation 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.
See Also: Retained Earnings
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