First Foundation dips after brutal sell-off

First Foundation

05/07/2024 14:07

** Shares of First Foundation  FFWM.N  dip 1.4% premarket,
after a 24% slide wiped ~$90 mln off its market value in the
previous session
    ** Bank's $228 mln capital raise sparked worries about its
multifamily property loan book and dilution of current
shareholders' stake
    ** Some analysts said the deal, in which FFWM sold shares at
a 60% discount to its tangible book value per share, was
unexpected and unnecessary
    ** Stock has lost nearly half of its value YTD as of last
close

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))