Pacific Premier Bancorp (NASDAQ:PPBI) Shares Up 4.6% on Strong Earnings

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)’s share price shot up 4.6% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $25.62 and last traded at $25.55. 118,019 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 393,871 shares. The stock had previously closed at $24.42.

The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03.

Pacific Premier Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Monday, February 3rd will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $1.32 annualized dividend and a yield of 5.29%. Pacific Premier Bancorp’s payout ratio is presently 80.49%.

Analysts Set New Price Targets

PPBI has been the topic of a number of analyst reports. Wedbush cut their price objective on shares of Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. DA Davidson cut their price target on shares of Pacific Premier Bancorp from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.00.

Insider Transactions at Pacific Premier Bancorp

In related news, EVP Michael S. Karr sold 10,290 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $26.87, for a total value of $276,492.30. Following the completion of the sale, the executive vice president now owns 79,474 shares in the company, valued at approximately $2,135,466.38. The trade was a 11.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $27.96, for a total value of $259,273.08. Following the completion of the transaction, the executive vice president now directly owns 25,475 shares in the company, valued at approximately $712,281. This trade represents a 26.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.

Institutional Trading of Pacific Premier Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Pacific Premier Bancorp by 121.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,183 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 649 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Pacific Premier Bancorp during the third quarter valued at approximately $60,000. KBC Group NV raised its stake in Pacific Premier Bancorp by 30.0% in the third quarter. KBC Group NV now owns 3,679 shares of the financial services provider’s stock worth $93,000 after buying an additional 849 shares in the last quarter. FMR LLC lifted its holdings in Pacific Premier Bancorp by 11.9% during the third quarter. FMR LLC now owns 6,782 shares of the financial services provider’s stock worth $171,000 after buying an additional 723 shares during the period. Finally, Point72 DIFC Ltd boosted its position in Pacific Premier Bancorp by 202.9% during the 2nd quarter. Point72 DIFC Ltd now owns 7,966 shares of the financial services provider’s stock valued at $183,000 after acquiring an additional 5,336 shares in the last quarter. 93.11% of the stock is currently owned by institutional investors.

Pacific Premier Bancorp Price Performance

The firm has a market capitalization of $2.41 billion, a PE ratio of -166.46 and a beta of 1.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average price of $26.04 and a 200-day moving average price of $25.70.

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.