Mendon Capital Advisors Corp Increases Position in First Foundation Inc. $FFWM

Key Points

• Mendon Capital Advisors Corp increased its stake in First Foundation Inc. by 23.2%, owning 460,386 shares after purchasing an additional 86,675 shares in the first quarter.
• Analysts have mixed opinions on the stock, with Piper Sandler lowering its price objective from $6.00 to $5.50 and assigning a "neutral" rating, while Jefferies Financial Group set a "buy" rating with a $7.00 price target.
• First Foundation Inc's shares opened at $5.92, with a market capitalization of $487.40 million and a current ratio of 1.04.

Mendon Capital Advisors Corp raised its holdings in First Foundation Inc. (NASDAQ:FFWM - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 460,386 shares of the bank's stock after purchasing an additional 86,675 shares during the quarter. First Foundation accounts for approximately 1.2% of Mendon Capital Advisors Corp's investment portfolio, making the stock its 27th biggest holding. Mendon Capital Advisors Corp owned 0.56% of First Foundation worth $2,389,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Royce & Associates LP raised its position in shares of First Foundation by 13.7% during the 1st quarter. Royce & Associates LP now owns 1,452,919 shares of the bank's stock worth $7,541,000 after purchasing an additional 175,300 shares during the last quarter. Nuveen LLC acquired a new position in shares of First Foundation during the 1st quarter worth about $1,166,000. Price T Rowe Associates Inc. MD raised its position in shares of First Foundation by 18.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 24,459 shares of the bank's stock worth $152,000 after purchasing an additional 3,885 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of First Foundation by 11.0% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,603,952 shares of the bank's stock worth $8,325,000 after purchasing an additional 159,570 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of First Foundation by 50.9% during the 4th quarter. ProShare Advisors LLC now owns 17,915 shares of the bank's stock worth $111,000 after purchasing an additional 6,043 shares during the last quarter. 73.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler decreased their price objective on First Foundation from $6.00 to $5.50 and set a "neutral" rating on the stock in a report on Friday, August 1st. Jefferies Financial Group set a $7.00 price objective on First Foundation and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Wall Street Zen lowered 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 company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $6.25.

First Foundation Stock Performance

Shares of FFWM stock opened at $5.92 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 1.80. First Foundation Inc. has a 52 week low of $4.41 and a 52 week high of $8.52. The stock has a market capitalization of $487.40 million, a PE ratio of -4.41 and a beta of 1.04. The firm has a 50 day moving average of $5.44 and a two-hundred day moving average of $5.19.

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.

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