SummerHaven Investment Management LLC Grows Holdings in First Foundation Inc. $FFWM

SummerHaven Investment Management LLC increased its position in First Foundation Inc. (NASDAQ:FFWM) by 1.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,141 shares of the bank’s stock after acquiring an additional 2,806 shares during the quarter. SummerHaven Investment Management LLC’s holdings in First Foundation were worth $776,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FFWM. ProShare Advisors LLC increased its holdings in First Foundation by 50.9% in the 4th quarter. ProShare Advisors LLC now owns 17,915 shares of the bank’s stock worth $111,000 after acquiring an additional 6,043 shares in the last quarter. GAMMA Investing LLC increased its holdings in First Foundation by 90.0% in the 1st quarter. GAMMA Investing LLC now owns 5,039 shares of the bank’s stock worth $26,000 after acquiring an additional 2,387 shares in the last quarter. Moran Wealth Management LLC purchased a new stake in First Foundation in the 1st quarter worth approximately $55,000. Cloud Capital Management LLC purchased a new stake in First Foundation in the 1st quarter worth approximately $25,000. Finally, Royce & Associates LP boosted its stake in First Foundation by 13.7% in 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 period. 73.10% of the stock is owned by hedge funds and other institutional investors.

First Foundation Trading Down 1.1%

FFWM stock opened at $5.74 on Monday. First Foundation Inc. has a 1-year low of $4.41 and a 1-year high of $8.52. 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 company has a market capitalization of $472.48 million, a price-to-earnings ratio of -4.28 and a beta of 1.04. The business has a 50 day simple moving average of $5.55 and a two-hundred day simple moving average of $5.28.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price target on First Foundation from $6.00 to $5.50 and set a “neutral” rating for the company in a research note on Friday, August 1st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.25.

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.