Verition Fund Management LLC Lowers Position in First Foundation Inc. (NASDAQ:FFWM)

Verition Fund Management LLC cut its stake in shares of First Foundation Inc. (NASDAQ:FFWMFree Report) by 16.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,700 shares of the bank’s stock after selling 5,904 shares during the period. Verition Fund Management LLC’s holdings in First Foundation were worth $192,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of First Foundation by 20.1% during the third quarter. FMR LLC now owns 6,099,900 shares of the bank’s stock valued at $38,063,000 after purchasing an additional 1,019,484 shares in the last quarter. Royce & Associates LP lifted its position in shares of First Foundation by 143.7% during the 3rd quarter. Royce & Associates LP now owns 859,770 shares of the bank’s stock worth $5,365,000 after buying an additional 506,956 shares in the last quarter. Mendon Capital Advisors Corp boosted its stake in shares of First Foundation by 144.3% in the 2nd quarter. Mendon Capital Advisors Corp now owns 646,691 shares of the bank’s stock worth $4,236,000 after buying an additional 381,946 shares during the last quarter. Modera Wealth Management LLC bought a new position in shares of First Foundation in the second quarter valued at approximately $1,870,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of First Foundation during the second quarter valued at approximately $838,000. 73.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FFWM has been the topic of several research analyst reports. Stephens cut First Foundation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com downgraded shares of First Foundation from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.80.

Read Our Latest Analysis on First Foundation

First Foundation Stock Performance

NASDAQ:FFWM opened at $7.35 on Tuesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market capitalization of $605.38 million, a P/E ratio of -6.56 and a beta of 1.34. First Foundation Inc. has a 1 year low of $4.84 and a 1 year high of $11.47. The business has a fifty day simple moving average of $7.52 and a two-hundred day simple moving average of $6.69.

About First Foundation

(Free Report)

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 deposit products, including personal and business checking accounts, savings accounts, interest-bearing demand deposit 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, 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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Institutional Ownership by Quarter for First Foundation (NASDAQ:FFWM)

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