Modera Wealth Management LLC Reduces Holdings in First Foundation Inc.

Modera Wealth Management LLC has announced a significant reduction in its investment in First Foundation Inc. (NASDAQ:FFWM – Free Report) during the third quarter of the year. According to the fund's latest 13F filing with the Securities and Exchange Commission (SEC), Modera Wealth Management cut its holdings by 33.3%. Following this adjustment, the company currently owns 190,349 shares of First Foundation's stock after selling off 95,150 shares during the period. As reported, the value of Modera Wealth Management's holdings in First Foundation stands at approximately $1,188,000.

Other institutional investors have also been active with their positions in First Foundation recently. For instance, Creative Planning has increased its stake by 35.8% during the third quarter, bringing their total ownership to 16,463 shares valued at $103,000 after acquiring an additional 4,336 shares. Additionally, Caxton Associates LP has entered the market, acquiring a new position valued at around $123,000 in the first quarter. Boston Partners also made a new investment in First Foundation, valued at about $128,000 during the same period. In the second quarter, The Manufacturers Life Insurance Company added to its holdings by 8.5%, acquiring an additional 1,632 shares, increasing their total to 20,759 shares valued at $136,000. Moreover, SG Americas Securities LLC initiated a new position in First Foundation during the second quarter, which is valued at $162,000. Presently, approximately 73.10% of First Foundation's stock is owned by institutional investors and hedge funds.

Changes in Analyst Ratings

First Foundation's stock has witnessed various changes in analyst ratings recently. Raymond James downgraded the stock from a “strong-buy” rating to a “market perform” rating in a note dated July 3rd. Similarly, Stephens also lowered its rating from “strong-buy” to “hold” on October 1st. Furthermore, StockNews.com revised their rating from “hold” to “sell” on July 26th. Wedbush also adjusted its price target for First Foundation, reducing it from $6.00 to $5.00 while maintaining a “neutral” rating. In a similar vein, Piper Sandler has reaffirmed a “neutral” rating with a price target set at $6.00. The current sentiment among analysts reflects one sell rating, four hold ratings, and a single buy rating, leading to an average rating of “Hold” and a consensus price target of $7.80 according to MarketBeat.

First Foundation's Stock Performance

As of Tuesday, FFWM's stock opened at $7.79. The company's stock performance includes a 50-day moving average of $6.78 and a 200-day moving average of $6.31. First Foundation has a market cap of $440.23 million and a price-to-earnings ratio of -2.13, with a beta of 1.32. The current ratio and quick ratio both sit at 1.04, while the debt-to-equity ratio is at 1.84. In the last twelve months, the stock has fluctuated with a low of $4.41 and a high of $11.47.

About First Foundation Inc.

First Foundation Inc. provides banking, investment advisory, wealth management, and trust services to individuals, businesses, and organizations across the United States. The company operates in two main segments: Banking and Wealth Management. It offers various deposit products like personal and business checking accounts, savings accounts, and more. Additionally, it also provides multiple loan products including real estate loans, commercial loans, and consumer loans.

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