Envestnet Asset Management Inc. Grows Stake in First Foundation Inc. (NASDAQ:FFWM)

Envestnet Asset Management Inc. boosted its position in shares of First Foundation Inc. (NASDAQ:FFWM – Get Rating) by 13.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 156,108 shares of the bank’s stock after purchasing an additional 17,928 shares during the quarter. Envestnet Asset Management Inc. owned about 0.28% of First Foundation worth $2,237,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of FFWM. BlackRock Inc. increased its holdings in First Foundation by 22.1% during the 1st quarter. BlackRock Inc. now owns 3,817,772 shares of the bank’s stock worth $92,735,000 after purchasing an additional 691,494 shares during the period. Vanguard Group Inc. boosted its position in First Foundation by 26.0% during the 1st quarter. Vanguard Group Inc. now owns 2,506,062 shares of the bank’s stock valued at $60,872,000 after acquiring an additional 517,634 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in First Foundation during the 3rd quarter valued at $5,279,000. State Street Corp boosted its position in First Foundation by 25.0% during the 1st quarter. State Street Corp now owns 1,341,747 shares of the bank’s stock valued at $32,591,000 after acquiring an additional 267,995 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in First Foundation by 45.2% during the 1st quarter. Wellington Management Group LLP now owns 752,755 shares of the bank’s stock valued at $18,285,000 after acquiring an additional 234,502 shares in the last quarter. 69.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Raymond James dropped their target price on First Foundation from $18.00 to $9.50 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Wedbush lowered their price objective on First Foundation from $10.00 to $8.00 in a research report on Friday, April 28th. StockNews.com began coverage on First Foundation in a research report on Thursday. They issued a “sell” rating for the company. Finally, Piper Sandler cut First Foundation from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $17.50 to $16.00 in a research report on Friday, February 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.90.

Insider Transactions at First Foundation

In other news, CFO Amy Djou sold 3,172 shares of the company’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $15.15, for a total value of $48,055.80. Following the sale, the chief financial officer now owns 333 shares in the company, valued at $5,044.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Amy Djou sold 3,172 shares of the company’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $15.15, for a total value of $48,055.80. Following the sale, the chief financial officer now owns 333 shares in the company, valued at $5,044.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Max Briggs bought 10,000 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average price of $4.69 per share, for a total transaction of $46,900.00. Following the purchase, the director now directly owns 46,072 shares of the company’s stock, valued at $216,077.68. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 19,765 shares of company stock worth $101,315 and have sold 133,029 shares worth $1,120,830. Company insiders own 10.20% of the company’s stock.

First Foundation Stock Performance

Shares of FFWM opened at $3.98 on Friday. The stock has a 50-day moving average of $6.46 and a two-hundred day moving average of $11.89. First Foundation Inc. has a one year low of $3.76 and a one year high of $22.62. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $224.57 million, a P/E ratio of 2.55 and a beta of 0.88.

First Foundation (NASDAQ:FFWM – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The bank reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). First Foundation had a return on equity of 8.07% and a net margin of 17.42%. The firm had revenue of $70.45 million for the quarter, compared to analyst estimates of $77.17 million. As a group, research analysts predict that First Foundation Inc. will post 0.6 EPS for the current year.

First Foundation Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 19th. Stockholders of record on Monday, May 8th were paid a $0.02 dividend. The ex-dividend date of this dividend was Friday, May 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.01%. First Foundation’s payout ratio is 5.13%.

First Foundation Company Profile

(Get Rating)

First Foundation, Inc is a bank holding, which engages in the provision of a comprehensive platform of financial services to individuals, businesses, and organizations. It operates through the following segments: Banking, Wealth Management, and Other. The company was founded by John Avak Hakopian and Ulrich Emanuel Keller, Jr.