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Activist Joseph Stilwell Lowers FedFirst Financial Stake to 9.4%

In an amended 13D filing issued mere minutes ago, famed activist investor Joseph Stilwell and Stilwell Value Partners reported a 9.4% stake in bank holding company FedFirst Financial (NASDAQ:FFCO). The total size of the position amounts to a little over 230,000 shares, and FedFirst has had a decent 17% year-to-date gain. The last time Stilwell filed a 13D for this holding was way back in 2011, when he reported a slightly larger 9.7% stake in the company.

Joseph Stilwell

FedFirst Financial is a holding company, whose main operations involve ownership of its subsidiary First Federal Savings Bank. The company reported a net income of $576,000 for the previous quarter, down from $594,000 posted for the same period of last year. For the first half of the year, the net income of FedFirst Financial amounted to almost $1.4 million, versus $1.1 million reported for the first six months of 2012.

Among the hedge funds we track at Insider Monkey, three reported ownership of shared of FedFirst Financial in the latest round of 13F filings. As follows, Firefly Value Partners, managed by Ryan Heslop and Ariel Warszawski disclosed a stake which contained around 149,000 shares, while the positions held by Howard Guberman’s Gruss Asset Management, and J. Carlo Cannell’s Cannell Capital involved some 60,000 shares and 30,100 shares respectively.

Disclosure: none

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