The Manufacturers Life Insurance Company Raises Holdings in First Foundation Inc. (NASDAQ:FFWM)

The Manufacturers Life Insurance Company increased its holdings in First Foundation Inc. (NASDAQ:FFWM) by 8.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 20,759 shares of the bank’s stock after purchasing an additional 1,632 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in First Foundation were worth $136,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Lord Abbett & CO. LLC bought a new position in shares of First Foundation in the 1st quarter worth $3,819,000. Kennedy Capital Management LLC bought a new position in First Foundation in the first quarter worth about $1,731,000. Elizabeth Park Capital Advisors Ltd. lifted its position in shares of First Foundation by 26.7% during the second quarter. Elizabeth Park Capital Advisors Ltd. now owns 463,953 shares of the bank’s stock valued at $3,039,000 after buying an additional 97,732 shares during the last quarter. Thrivent Financial for Lutherans bought a new stake in shares of First Foundation in the 2nd quarter valued at about $838,000. Finally, Modera Wealth Management LLC purchased a new position in shares of First Foundation in the 2nd quarter worth approximately $1,870,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

First Foundation Trading Down 0.5 %

NASDAQ:FFWM opened at $7.67 on Friday. The company has a market capitalization of $433.45 million, a P/E ratio of -2.10 and a beta of 1.32. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.84. First Foundation Inc. has a 12 month low of $4.41 and a 12 month high of $11.47. The firm has a fifty day simple moving average of $6.64 and a 200-day simple moving average of $6.30.

First Foundation (NASDAQ:FFWM) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $164.57 million during the quarter, compared to analysts’ expectations of $54.23 million. First Foundation had a return on equity of 1.07% and a net margin of 1.34%. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, equities research analysts anticipate that First Foundation Inc. will post -0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FFWM. Raymond James cut shares of First Foundation from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, July 3rd. Stephens downgraded First Foundation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Piper Sandler reissued a “neutral” rating and issued a $6.00 price objective on shares of First Foundation in a research report on Wednesday, July 3rd. DA Davidson upgraded First Foundation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $8.00 to $9.00 in a research note on Wednesday, July 3rd. Finally, StockNews.com cut First Foundation from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.80.

First Foundation Profile

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.