Pacific Premier Bancorp Inc (NASDAQ:PPBI) released its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.12, MarketWatch Earnings reports. Pacific Premier Bancorp had a return on equity of 9.42% and a net margin of 19.85%. The firm had revenue of $72.10 million for the quarter, compared to analysts’ expectations of $68.18 million. During the same quarter in the previous year, the company posted $0.38 earnings per share.
Shares of Pacific Premier Bancorp (PPBI) traded down 0.56% during midday trading on Friday, hitting $35.35. The company had a trading volume of 147,278 shares. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 24.51 and a beta of 0.72. Pacific Premier Bancorp has a 12 month low of $24.00 and a 12 month high of $41.90. The stock’s 50-day moving average price is $36.47 and its 200-day moving average price is $37.18.
A number of analysts recently weighed in on PPBI shares. Zacks Investment Research upgraded shares of Pacific Premier Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, June 28th. BidaskClub raised Pacific Premier Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $42.00 price target on shares of Pacific Premier Bancorp in a report on Wednesday, June 28th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $41.00 price target (down from $43.00) on shares of Pacific Premier Bancorp in a report on Monday, April 17th. Finally, Stephens downgraded Pacific Premier Bancorp from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $41.75.
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In related news, Director Simone Lagomarsino sold 6,250 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $36.30, for a total transaction of $226,875.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 18,750 shares of company stock worth $684,688 in the last ninety days. 4.59% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in PPBI. Wellington Management Group LLP increased its stake in Pacific Premier Bancorp by 78.6% in the first quarter. Wellington Management Group LLP now owns 1,906,964 shares of the financial services provider’s stock worth $73,513,000 after buying an additional 839,113 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in Pacific Premier Bancorp during the first quarter worth approximately $17,676,000. Victory Capital Management Inc. boosted its position in Pacific Premier Bancorp by 875.1% in the second quarter. Victory Capital Management Inc. now owns 397,804 shares of the financial services provider’s stock worth $14,679,000 after buying an additional 357,008 shares during the last quarter. Vanguard Group Inc. boosted its position in Pacific Premier Bancorp by 31.5% in the second quarter. Vanguard Group Inc. now owns 1,478,727 shares of the financial services provider’s stock worth $54,566,000 after buying an additional 354,386 shares during the last quarter. Finally, State Street Corp boosted its position in Pacific Premier Bancorp by 54.6% in the first quarter. State Street Corp now owns 910,631 shares of the financial services provider’s stock worth $35,104,000 after buying an additional 321,765 shares during the last quarter. 63.10% of the stock is currently owned by institutional investors and hedge funds.
Pacific Premier Bancorp Company Profile
Pacific Premier Bancorp, Inc is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Company’s principal business is attracting deposits from small and middle market businesses and consumers and investing those deposits together with funds generated from operations and borrowings, primarily in commercial business loans and various types of commercial real estate (CRE) loans.
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