Bank of New York Mellon Corp Purchases 36,109 Shares of First Foundation Inc. (NASDAQ:FFWM)

Bank of New York Mellon Corp raised its position in First Foundation Inc. (NASDAQ:FFWM) by 23.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 190,603 shares of the bank’s stock after acquiring an additional 36,109 shares during the quarter. Bank of New York Mellon Corp’s holdings in First Foundation were worth $1,184,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Empowered Funds LLC raised its stake in First Foundation by 5.4% in the third quarter. Empowered Funds LLC now owns 52,660 shares of the bank’s stock valued at $329,000 after buying an additional 2,680 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of First Foundation by 3.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 132,807 shares of the bank’s stock worth $829,000 after acquiring an additional 4,820 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of First Foundation during the 3rd quarter worth approximately $104,000. Charles Schwab Investment Management Inc. raised its stake in First Foundation by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,824 shares of the bank’s stock valued at $3,144,000 after acquiring an additional 90,612 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in First Foundation by 12.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 23,338 shares of the bank’s stock valued at $146,000 after purchasing an additional 2,579 shares during the last quarter. 73.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their price objective on shares of First Foundation from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.75.

First Foundation Stock Up 1.8 %

FFWM opened at $4.92 on Tuesday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a fifty day moving average of $5.33 and a 200-day moving average of $6.39. First Foundation Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $8.52. The company has a market capitalization of $404.82 million, a P/E ratio of -3.67 and a beta of 1.35.

About First Foundation

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.