Assenagon Asset Management SA increased its equity stake in First Foundation Inc. (NASDAQ: FFWM – Get a rating) by 257.7% in Q1, according to its most recent 13F filing with the SEC. The institutional investor held 116,265 shares of the bank after acquiring an additional 83,763 shares during the period. Assenagon Asset Management SA’s holdings in First Foundation were worth $2,824,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also changed their holdings in FFWM. Qube Research & Technologies Ltd increased its position in First Foundation by 119.9% during the fourth quarter. Qube Research & Technologies Ltd now owns 40,956 shares in the bank worth $1,018,000 after buying an additional 22,329 shares during the period. The Swiss National Bank increased its position in First Foundation by 27.7% during the fourth quarter. The Swiss National Bank now owns 106,900 shares of the bank worth $2,658,000 after purchasing an additional 23,200 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in First Foundation during the fourth quarter worth approximately $9,476,000. Advisor Group Holdings Inc. increased its position in First Foundation by 6.6% during the fourth quarter. Advisor Group Holdings Inc. now owns 54,141 shares of the bank worth $1,346,000 after buying 3,346 additional shares during the period. Finally, First Eagle Investment Management LLC increased its position in First Foundation by 459.3% during the fourth quarter. First Eagle Investment Management LLC now owns 31,052 shares of the bank worth $772,000 after purchasing an additional 25,500 shares during the period. 60.50% of the shares are currently held by institutional investors and hedge funds.
Shares of Stock FFWM opened at $19.40 on Wednesday. The company’s 50-day moving average is $21.28 and its two-hundred-day moving average is $23.88. First Foundation Inc. has a 12-month low of $19.33 and a 12-month high of $29.41. The company has a market capitalization of $1.10 billion, a P/E ratio of 7.85 and a beta of 1.21. The company has a current ratio of 0.97, a quick ratio of 0.91 and a debt ratio of 0.30.
First foundation (NASDAQ: FFWM – Get a rating) last announced its results on Tuesday, April 26. The bank reported earnings per share of $0.55 for the quarter, beating the consensus estimate of $0.51 by $0.04. First Foundation had a return on equity of 13.80% and a net margin of 34.58%. The company posted revenue of $89.92 million for the quarter, versus a consensus estimate of $89.18 million. During the same period last year, the company posted EPS of $0.50. As a group, stock analysts predict First Foundation Inc. will post earnings per share of 2.26 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, May 16. Investors of record on Friday, May 6 received a dividend of $0.11. The ex-dividend date was Thursday, May 5. This represents a dividend of $0.44 on an annualized basis and a dividend yield of 2.27%. First Foundation’s dividend payout ratio (DPR) is currently 17.81%.
Several research companies have commented on the FFWM. Raymond James cut his price target on First Foundation from $28.00 to $25.00 and set an “outperform” rating on the stock in a Thursday, July 7 research report. StockNews.com began covering First Foundation in a research report on Thursday, March 31. They have placed a “holding” rating on the stock. Finally, B. Riley downgraded First Foundation from a “buy” rating to a “neutral” rating and lowered its target price for the company from $31.00 to $21.00 in a research note on Monday.
First foundation profile (Get a rating)
First Foundation Inc, through its subsidiaries, provides retail, corporate and private wealth management banking services in the United States. It operates through two segments, Banking and Wealth Management. The Company offers a range of bank deposit products, including personal and business checking accounts, savings accounts, interest-bearing negotiable promissory withdrawal accounts, money market accounts and term deposit certificates; and lending products consisting of multi-family 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 .
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