Geode Capital Management LLC Grows Stock Position in First Foundation Inc. (NASDAQ:FFWM)

Geode Capital Management LLC lifted its stake in shares of First Foundation Inc. (NASDAQ:FFWM - Free Report) by 12.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,593,473 shares of the bank's stock after purchasing an additional 176,510 shares during the quarter. Geode Capital Management LLC owned about 1.93% of First Foundation worth $9,898,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Assenagon Asset Management S.A. acquired a new position in First Foundation during the fourth quarter worth $775,000. Barclays PLC grew its holdings in First Foundation by 30.0% during the third quarter. Barclays PLC now owns 145,932 shares of the bank's stock worth $911,000 after acquiring an additional 33,666 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in First Foundation by 21.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 614,147 shares of the bank's stock worth $3,814,000 after acquiring an additional 110,323 shares during the period. Farther Finance Advisors LLC grew its holdings in First Foundation by 665.3% during the fourth quarter. Farther Finance Advisors LLC now owns 5,089 shares of the bank's stock worth $32,000 after acquiring an additional 4,424 shares during the period. Finally, Royce & Associates LP grew its holdings in First Foundation by 48.6% during the fourth quarter. Royce & Associates LP now owns 1,277,619 shares of the bank's stock worth $7,934,000 after acquiring an additional 417,849 shares during the period. Hedge funds and other institutional investors own 73.10% of the company's stock.

First Foundation Price Performance

First Foundation stock traded up $0.09 during trading hours on Tuesday, hitting $4.96. The stock had a trading volume of 581,348 shares, compared to its average volume of 627,806. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a market capitalization of $408.22 million, a price-to-earnings ratio of -3.70 and a beta of 1.19. First Foundation Inc. has a 1-year low of $4.42 and a 1-year high of $8.52. The stock's fifty day moving average is $4.90 and its two-hundred day moving average is $6.08.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FFWM. Piper Sandler dropped their price objective on First Foundation from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Monday, February 3rd. StockNews.com raised First Foundation from a "sell" rating to a "hold" rating in a report on Monday. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.75.

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.