State Street Corp Reduces Stake in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

State Street Corp cut its holdings in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) by 3.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,914,676 shares of the financial services provider’s stock after selling 180,439 shares during the quarter. State Street Corp owned 0.05% of Pacific Premier Bancorp worth $123,653,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in shares of Pacific Premier Bancorp in the third quarter worth $60,000. HighTower Advisors LLC boosted its holdings in Pacific Premier Bancorp by 4.4% in the third quarter. HighTower Advisors LLC now owns 18,599 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 789 shares during the last quarter. Azora Capital LP acquired a new stake in Pacific Premier Bancorp during the 3rd quarter worth about $12,187,000. Paloma Partners Management Co purchased a new position in shares of Pacific Premier Bancorp during the 3rd quarter valued at about $297,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Pacific Premier Bancorp by 571.9% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 15,374 shares of the financial services provider’s stock valued at $387,000 after buying an additional 13,086 shares during the period. 93.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Margaret S. Ohlhaver sold 9,273 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $27.96, for a total transaction of $259,273.08. Following the completion of the sale, the executive vice president now directly owns 25,475 shares in the company, valued at approximately $712,281. The trade was a 26.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.21% of the company’s stock.

Pacific Premier Bancorp Stock Performance

NASDAQ PPBI opened at $27.30 on Friday. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -181.99 and a beta of 1.24. The stock has a 50-day moving average of $27.00 and a 200 day moving average of $25.08. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. Pacific Premier Bancorp, Inc. has a twelve month low of $20.52 and a twelve month high of $30.28.

Pacific Premier Bancorp (NASDAQ:PPBI) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $224.49 million during the quarter, compared to analyst estimates of $153.23 million. During the same period last year, the firm posted $0.48 earnings per share. Sell-side analysts anticipate that Pacific Premier Bancorp, Inc. will post 1.6 EPS for the current fiscal year.

Pacific Premier Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.84%. The ex-dividend date of this dividend was Monday, November 4th. Pacific Premier Bancorp’s payout ratio is -879.94%.

Wall Street Analyst Weigh In

Separately, Wedbush dropped their target price on Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Pacific Premier Bancorp has an average rating of “Hold” and a consensus price target of $26.50.

Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides various banking products and services in the United States. The company accepts deposit products, which includes checking, money market, savings accounts, and certificates of deposit. Its loan portfolio includes commercial real estate owner and non-owner-occupied, multifamily, construction and land, franchise real estate secured, and small business administration (SBA); revolving lines of credit, term loans, seasonal loans, and loans secured by liquid collateral; one-to-four family and home equity lines of credit loans; and small balance personal unsecured loans and savings account secured loans.