Cubist Systematic Strategies LLC Takes $563,000 Position in First Foundation Inc. (NASDAQ:FFWM)

Cubist Systematic Strategies LLC bought a new stake in First Foundation Inc. (NASDAQ:FFWM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 86,021 shares of the bank’s stock, valued at approximately $563,000. Cubist Systematic Strategies LLC owned approximately 0.13% of First Foundation as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in shares of First Foundation in the first quarter valued at $25,000. Quadrature Capital Ltd bought a new position in First Foundation in the fourth quarter valued at about $126,000. Caxton Associates LP bought a new position in First Foundation in the first quarter valued at about $123,000. Boston Partners bought a new position in First Foundation in the first quarter valued at about $128,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in First Foundation by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 20,759 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,632 shares during the last quarter. 73.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FFWM shares. StockNews.com cut First Foundation from a “hold” rating to a “sell” rating in a report on Friday, July 26th. Wedbush reduced their target price on First Foundation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. DA Davidson upgraded First Foundation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $8.00 to $9.00 in a report on Wednesday, July 3rd. Piper Sandler restated a “neutral” rating and set a $6.00 target price on shares of First Foundation in a report on Wednesday, July 3rd. Finally, Raymond James cut First Foundation from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, July 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.80.

First Foundation Trading Up 5.7 %

NASDAQ FFWM opened at $7.20 on Friday. The firm has a market cap of $406.89 million, a P/E ratio of -1.97 and a beta of 1.32. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s 50-day moving average is $6.51 and its 200-day moving average is $6.31. First Foundation Inc. has a one year low of $4.41 and a one year high of $11.47.

First Foundation (NASDAQ:FFWM) last released 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 for the quarter, compared to analyst estimates 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 last year, the firm posted $0.07 earnings per share. Sell-side analysts anticipate that First Foundation Inc. will post -0.07 earnings per share for the current fiscal year.

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.