10 Worst Performing Bank Stocks in 2024

2. First Foundation Inc. (NYSE:FFWM)

Price: $5.26

Number of Hedge Fund Holders: 20

1-Year Price Performance: -35.93%

First Foundation Inc. (NYSE:FFWM) is a financial services company that provides a wide range of banking and wealth management services to individuals, businesses, and organizations. Its offerings include personal banking, business banking, and private wealth management, which cover areas like investments, trust services, insurance, and philanthropy.

The company has faced challenges due to its credit losses and high concentration of commercial real estate loans. On February 3, Piper Sandler lowered the price target on the bank from $7 to $6. The firm has also lowered its 2025 EPS estimates from 35 cents to 22 cents, mainly due to weaker net interest income, lower fee income, and higher expenses including credit costs. Management of First Foundation Inc. (NYSE:FFWM) sold $489 million in multifamily loans during the fiscal fourth quarter of 2024 to reduce its commercial real estate loan concentration. However, its CRE concentration remains high with $1.4 billion in loans, which the company plans to sell in the future. It is one of the worst-performing bank stocks in 2024.