Invenomic Capital Management LP Cuts Stake in First Foundation Inc. $FFWM

Key Points

• Invenomic Capital Management LP reduced its stake in First Foundation Inc. by 19.1% during the first quarter, selling 214,557 shares and now holds 908,973 shares valued at approximately $4.7 million.
• Hedge funds are actively adjusting their positions in First Foundation, with GAMMA Investing LLC increasing its stake by 90.0% during the same period.
• Analysts have mixed ratings on First Foundation, with one research firm downgrading the stock from "hold" to "sell" and another setting a price target of $7.00 while maintaining a "buy" rating.

Invenomic Capital Management LP lessened its stake in First Foundation Inc. (NASDAQ:FFWM - Free Report) by 19.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 908,973 shares of the bank's stock after selling 214,557 shares during the quarter. Invenomic Capital Management LP owned 1.10% of First Foundation worth $4,718,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in First Foundation by 8.3% during the first quarter. Vanguard Group Inc. now owns 4,141,752 shares of the bank's stock worth $21,496,000 after purchasing an additional 316,949 shares during the last quarter. Fortress Investment Group LLC raised its position in shares of First Foundation by 21.5% in the fourth quarter. Fortress Investment Group LLC now owns 4,038,750 shares of the bank's stock valued at $25,081,000 after purchasing an additional 714,000 shares during the period. Dimensional Fund Advisors LP raised its position in shares of First Foundation by 19.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,368,965 shares of the bank's stock valued at $14,711,000 after purchasing an additional 379,288 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of First Foundation by 11.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,603,952 shares of the bank's stock valued at $8,325,000 after purchasing an additional 159,570 shares during the period. Finally, Royce & Associates LP raised its position in shares of First Foundation by 13.7% in the first quarter. Royce & Associates LP now owns 1,452,919 shares of the bank's stock valued at $7,541,000 after purchasing an additional 175,300 shares during the period. Institutional investors and hedge funds own 73.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group set a $7.00 price objective on shares of First Foundation and gave the company a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler dropped their price objective on shares of First Foundation from $6.00 to $5.50 and set a "neutral" rating on the stock in a research report on Friday, August 1st. Finally, Wall Street Zen lowered shares of First Foundation from a "hold" rating to a "sell" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, First Foundation currently has an average rating of "Hold" and an average target price of $6.25.

First Foundation Stock Performance

NASDAQ:FFWM traded up $0.08 during mid-day trading on Thursday, reaching $5.99. 94,727 shares of the company's stock were exchanged, compared to its average volume of 715,892. The business's fifty day simple moving average is $5.45 and its two-hundred day simple moving average is $5.20. The firm has a market capitalization of $493.08 million, a PE ratio of -4.47 and a beta of 1.04. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.87 and a current ratio of 1.04. First Foundation Inc. has a one year low of $4.41 and a one year high of $8.52.

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.